Wealthtech startup Stable Money has raised over Rs 1,230 crore, or about $15 million, in a new funding round from RTP Capital, Lightspeed India and Matrix Partners. The Bengaluru-based company has become one of the few startups to have completed two funding rounds within a year, especially during the so-called fundraising winter.
Stable Money’s board of directors passed a special resolution to issue 77,135 CCPS at a price of 16,019 rupees per share to raise 1,235.6 million rupees ($14.74 million), a regulatory filing obtained from the Registrar of Companies (ROC) showed.
RTP Capital led the round with 542.6 million rupees ($6.5 million), while Lightspeed India and Matrix Partners India put in 346.4 million rupees ($4.15 million) each.
In August 2023, Stable Money raised $5 million in its first equity funding round led by Matrix Partners and Lightspeed. Titan Capital, Mar Shot Ventures, and prominent angel investors also participated in the round.
According to startup data intelligence platform TheKredible, Stable Money will be valued at approximately $55 million after the funding, more than three times its valuation from $16.5 million in its previous round.
Founded by Saurabh Jain and Harish Reddy in late 2022, Stable Money is building a fixed income investment platform to provide financial consulting services to investors. The platform will also publish financial literacy content on its online platform to create awareness among investors.
Several wealthtech startups have managed to raise decent funding this year. Recently, Deserv raised $32 million in a Series B round led by Premji Invest. In May, wealth management platform Wealthy raised $5.4 million in a new round led by Alpha Wave Incubation Fund.
