Source: YourStory.com
The wealthtech startup Stable Money has completed a new funding round, raising Rs 173 crore (about $20 million), led by The Fundamentum Partnership Fund, and with participation from its existing investors Matrix Partners, RTP Global, Lightspeed India, and Naman Finance.
As per regulatory filings with the Registrar of Companies (RoC), the startup had issued 10 equity shares and 51,914 Series B preference shares at a price of Rs 33,345 each in order to fund the raised investment. According to Entrackr estimates The latest investment values the company at roughly $130 million, representing an approximately 2.3 times jump from its last funding round in July 2024, when it raised $15 million.
Investment Breakdown:
- Fundamentum: Rs 86.5 crore (approx. $10 million)
- Matrix Partners: Rs 45.42 crore
- RTP Global: Rs 33.78 crore
- Lightspeed India: Rs 4.32 crore
- Naman Finance: Rs 3 crore
Following this round of investment, the ownership in Stable Money will be divided as follows: Fundamentum will own 7.94%, Matrix Partners 18.97%, RTP Global 13.45%, Lightspeed India 15.20%, and Naman Finance 0.28%
About the Company
Stable Money was founded in late-2022 by Saurabh Jain and Harish Reddy with the ambition of simplifying fixed income investing for retail investors, particularly through a digital platform that enables users to compare and invest in fixed income products such as bank fixed deposits (FD) from multiple banks.
It is a part of a burgeoning wealthtech ecosystem in India, which is seeing increased interest as investors look for safer and simpler ways to invest their money.
Current Financial Snapshot
Stable Money has not filed its financials yet, but it has financial information for the six months ending March 2024 to the extent that it was an early stage company generating revenue. For the year it has an operating income of Rs 35.3 lakh and a net loss of Rs 12.29 crore.
Allocation of Funds
The new funds raised will be allocated to marketing, capital expenditures, and general corporate purposes. The firm should utilize the funds raised to expand services and further develop technology as it seeks to attract more users in the competitive fintech landscape.
This comes after anonymous speculation first reported by MoneyControl in February of this year which is now confirmed with this official announcement.
The $20M funding injection to Stable Money and the jump in valuation is a sign that investors believe in their vision. They are now ready to expand their services, upgrade their technology and make fixed income investing accessible for retail customers across India.
