Wealthtech startup Stable Money has successfully raised ₹173 crore (approximately $20 million) in its Series B funding round, led by The Fundamentum Partnership Fund. This significant investment marks a 2.3X increase in the company’s valuation compared to its previous funding round.
Key Investors and Shareholding Structure
The funding round saw participation from existing investors, including Matrix Partners, RTP Global, and Lightspeed India. The breakdown of investments is as follows:
- The Fundamentum Partnership Fund: ₹86.5 crore ($10 million)
- Matrix Partners: ₹45.42 crore
- RTP Global: ₹33.78 crore
- Lightspeed India: ₹4.32 crore
- Naman Finance: ₹3 crore
Post-investment, the shareholding structure is:
- The Fundamentum Partnership Fund: 7.94%
- Matrix Partners: 18.97%
- RTP Global: 13.45%
- Lightspeed India: 15.20%
- Naman Finance: 0.28%
The funds will be utilized for capital expenditure, marketing, and general corporate purposes.
About Stable Money
Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money operates in the wealthtech sector, focusing on simplifying fixed-income investing for retail customers. The platform allows users to compare, invest in, and manage fixed-income products, particularly bank fixed deposits (FDs), offered by multiple banks.
As of March 2024, the company reported an operating income of ₹35.3 lakh and a net loss of ₹12.29 crore, indicating it was still in the pre-revenue stage. Entrackr
Future Outlook
With the new funding, Stable Money aims to enhance its product offerings and expand its market presence. The company’s focus on fixed-income products positions it uniquely in the wealthtech space, catering to retail investors seeking stable investment options.