CIOInsider India Magazine
Stable Money Raises $ 20 Million in a Funding Round
According to reports, Wealthtech startup Stable Money, which provides digital fixed-return investment products, has raised $20 million (Rs 173 crore) in a funding round led by Infosys cofounder Nandan Nilekani’s Fundamentum Partnership.
Existing backers Z47, RTP Global and Lightspeed, along with Aditya Birla Ventures, also participated in the round.
“The Bengaluru-based company will use the fresh capital to expand its suite of wealth products and accelerate customer acquisition by strengthening its distribution,” cofounder Saurabh Jain says.
“In the last four or five years, most of the investments have come into categories like mutual funds, stocks and crypto, and they have seen massive growth. Everybody thought that was the opportunity for India,” Saurabh adds.
“But there is a larger segment, which is currently under-tapped. That's when we started with fixed deposits (FDs), and I think that segment has given us a lot of love and volumes, which are very surprising, even to us,” Saurabh says.
Users can create FDs on the platform starting at Rs 1,000, Saurabh adds.
Saurabh previously served as CEO of Navi Mutual Fund and held leadership roles at Swiggy. His cofounder, Harish Reddy, was formerly with the broking firm Estee.
The company plans to onboard at least eight new banks and non-banking finance companies (NBFCs) in 2025. It currently has partnerships with around eight banks and two NBFCs. It also aims to broaden its marketing efforts to target underserved investors in tier-II and tier-III cities.
Stable Money had earlier raised $20 million across multiple rounds from investors, including Z47, Lightspeed, RTP Global, and Marshot, as well as angel investors such as Swiggy cofounder Sriharsha Majety and Titan Capital’s Kunal Bahl and Rohit Bansal
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Stable Money had earlier raised $20 million across multiple rounds from investors, including Z47, Lightspeed, RTP Global, and Marshot, as well as angel investors such as Swiggy cofounder Sriharsha Majety and Titan Capital’s Kunal Bahl and Rohit Bansal.
