Wealthy Nivesh, a pioneering wealth firm conceptualized and founded by alumni from IIT Delhi, IIT Roorkee, and ISB Hyderabad, has successfully raised $1 million in a new funding round.
This achievement is particularly noteworthy given the ongoing funding winter that has persisted for over two years, severely impacting the startup community.
Wealthy Nivesh started its journey in December 2022 with a vision of introducing technology in the still-traditional domain of wealth management. Wealthy Nivesh has developed some in-house algorithms to eliminate human biases and to ensure a holistic analysis of all the Mutual Funds, PMSes, and AIFs in India. This heavy focus on technology along with deep subjective analysis has ensured hefty returns for its clients, along with a focus on risk mitigation.
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The founding team, consisting of Ankit Garg and Aditya Gupta as Managing Directors, Shrishti Sangal as Chief Service Officer, and Dr. Vikas Agarwal as Research Mentor, brings over 40 years of combined experience in managing wealth assets across India and global markets.
Ankit Garg, Managing Director of Wealthy Nivesh, expressed the team's excitement: "We are elated to close this round. This funding not only validates our business model but also provides us with the resources to expand our services and reach. Having achieved some industry-first capabilities in wealth management, we now look forward to producing some premier products based on new-age technologies in the field of data analytics and analysis”
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The team is committed to making money management simple for high-networth individuals. Within 1.5 years of its operations, Wealthy Nivesh became part of the coveted club of the top 100 Wealth Managers in India (based on Assets Under Management).
The present round of funding follows their first round of funding in Dec’22 when they raised a seed capital of USD 200000.
With its huge focus on client engagement, WN conducted an investor summit in June 23 to bring its clients nearer to leading fund managers. The event was very well attended and addressed by leading Chief Investment Officers and Senior Fund Managers of the industry. It also started a weekly fund manager series where leading fund managers address their clients in exclusive webinars.
The funding round was led by prominent industry veterans who got impressed by the last 18 months journey of Wealthy Nivesh. One of the investors who is CEO of a big industrial conglomerate stated: "I am not only amazed by the expertise and experience of Ankit and Aditya, but also their passion for building the business. I have been impressed with the investment model and algorithms they have shown me for Mutual Fund selection and portfolio reviews”.
Mr. Rajesh Mehta, promoter of a leading family office in Mumbai stated "Our experience with Wealthy Nivesh has been highly satisfactory on multiple fronts. While their expertise has resulted in phenomenal returns for my wealth portfolio,
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I have also gained through my investment in their first round. This has motivated me to invest in this second round as well."
Having excelled in managing clients' portfolios through third-party products, Wealthy Nivesh plans to launch its products with the newly raised funds. Additionally, they will focus on enhancing their digital brand, My Money Panda.
Aditya Gupta, Chief Investment Officer, added: “This fundraise is the testament to our clients' trust in delivering data-driven and unbiased investment solutions. The funds will significantly help us enhance our technology, increase product gamut, and scale up our business team.”
The importance of money management has increased substantially, but even educated people find managing their money a daunting task. Financial self-awareness is crucial for informed decision-making regarding personal finances, empowering individuals to reach their financial goals, be it saving for retirement, buying a home, or starting a business.
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Acknowledging this need, Wealthy Nivesh introduced My Money Panda to help their audience self-discover their financial situation, empowering them to take control of their financial management. This platform aims to provide a unique and simplified investing experience, catering to both new investors and those looking to elevate their wealth management strategies.
Shrishti Sangal, Founder and COO of My Money Panda, highlighted the platform's mission: "Our goal is to make financial management accessible and straightforward for everyone. We provide the tools and support necessary for our users to navigate the financial landscape confidently."
Having achieved transactions worth 1000 crores on their platform in last 1 year, Wealthy Nivesh now aims to further expand its reach, particularly targeting women and young people. This strategic move aligns with their mission to provide best wealth management experience to their clients in the most efficient manner.