Indian wealthtech startup PowerUp Money has secured $12 million in a Series A funding round led by prominent venture capital firm Peak XV, signaling strong investor confidence in the burgeoning financial technology sector.
Founded in 2024 by Prateek Jindal, the company focuses on providing mutual fund advisory services tailored for retail investors in India, aiming to democratize access to wealth management.
PowerUp Money's Mission to Empower Retail Investors
This funding round, which also saw participation from existing investors like Accel, Blume Ventures, and Kae Capital, brings the total capital raised by PowerUp Money to approximately $19 million since its inception.
The wealthtech sector in India has been gaining traction as more individuals seek accessible and affordable financial planning tools amid a growing middle class and increasing digital penetration.
PowerUp Money plans to utilize the fresh capital to enhance its platform, introduce innovative products, and prioritize financial literacy initiatives to educate potential users.
A Booming Wealthtech Landscape in India
India's wealthtech market is witnessing a surge in interest, with startups like PowerUp Money addressing the gap in personalized financial advisory services for millions of retail investors.
Historically, wealth management in India has been dominated by traditional institutions catering to high-net-worth individuals, leaving a vast majority of the population underserved.
The rise of digital platforms, supported by government initiatives like Digital India, has paved the way for fintech innovations that cater to this untapped market.
Future Prospects and Industry Impact
Looking ahead, PowerUp Money aims to onboard 10 million users over the next three years, a target that reflects its ambitious vision to transform retail wealth management in India.
The investment from Peak XV, known for backing successful Indian startups, could position PowerUp Money as a key player in reshaping how Indians approach personal finance.
As competition intensifies in the wealthtech space, with other players like Stable Money also securing significant funding, the focus on user education and product innovation will likely be critical for sustained growth.
For more insights into India's startup ecosystem, visit Tech in Asia for the latest updates on funding and innovation.
Maria Lourdes
