The Times of India Group’s strategic investment arm, Brand Capital, along with CXOs of multinational corporations, current investors, and promoters, have contributed $1.1 million to the pre-Series A funding round for portfolio management company Elever.
With this most recent round, Elever has raised a total of $4 million.
According to a press release from Elever, the money will be used to expand its PMS business, improve its brand recognition, and increase investor involvement.
Elever is a wealth tech platform, specifically a SEBI-registered investment advisor and Portfolio Management Services (PMS) provider, that was co-founded in 2020 by Anshul Sharan, Karan Aggarwal, Ram Subramaniam, and Santosh R. The platform focuses on goal-based investing for both corporations and individual investors, and it provides a hybrid robo-advisory service.
To assist clients in reaching their financial objectives, it employs a data-driven, rule-based, and factor investing strategy.
With an unmet demand of US$0.4 trillion, market research projects that India’s wealth management market will expand from $1.1 trillion in FY24 to $2.3 trillion by FY29.
Targeting mainly retirees and conservative investors, the Bengaluru-based startup introduced Factorcapro PMS in July of this year. It is a PMS strategy that offers monthly income and capital protection.
Elever is dedicated to providing investors with specialized investment solutions to enable them to achieve their complex financial objectives, and it currently has an AUM target of Rs 1,000 crore within the next two years.
