Bengaluru-based fintech startup Stable Money is set to raise INR 173 Cr ($20 Mn) in a fresh funding round led by The Fundamentum Partnership Fund, with participation from existing investors Lightspeed India, Matrix Partners and RTP Global.

As per its filings with the Registrar of Companies (RoC), the wealthtech startup has issued 10 equity shares and 51,914 Series B compulsorily convertible preference shares (CCPS) at an issue price of INR 33,345 each, aggregating to INR 173.1 Cr.

The filings, accessed by Inc42, showed that Nandan Nilekani cofounded Fundamentum is investing INR 86.5 Cr ($10 Mn) in the funding round from The Fundamentum Partnership Fund II.

Entrackr reported the development first.

Stable Money’s latest fundraising exercise comes within a year after it (about $14.7 Mn) in a Series A funding round led by RTP Capital. Continuing its follow-on investment in the startup, RTP Global is further investing INR 33.8 Cr in the new round.

Meanwhile, Lightspeed India is set to infuse INR 4.3 Cr, Matrix Partners INR 45.4 Cr, and Naman Finance INR 3 Cr.

Stable Money plans to use the fresh funds for capital expenditure, marketing and general corporate purposes.

Founded in 2022 by Saurabh Jain and Harish Reddy, Stable Money is a fixed-return investment platform that provides users options to invest across asset classes such as fixed deposits, debt mutual funds and bonds, and other low-risk asset classes. It competes with the likes of Groww, Zerodha Coin, Upstox, among others.

Following the fresh fund infusion, Fundamentum will hold a 7.94% stake in Stable Money while Matrix will hold 18.97%. Lightspeed India’s stake will become 15.2%, RTP Global 13.45%, and Naman Finance 0.28%.

The startup has so far raised around $35 Mn in total with its valuation crossing $100 Mn.

Inc42’s, showed that fintech startups raised the highest amount of funding last year at $2.5 Bn across 162 deals. Even in Q1 FY25, the sector raised the highest amount of funding, totalling $739 Mn.

A recent report suggested that wealthtech startup is also looking to raise $15-20 Mn at a $200 Mn valuation.

Meanwhile, in the most important development in the wealthtech space, brokerage platform Groww is acquiring Fisdom, reportedly at $150 Mn, to expand offerings in wealth management.

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