Latest news with #PrateekJindal
Entrepreneur
2 days ago
- Business
- Entrepreneur
PowerUp Money Raises $7.1M in Seed Round to Expand Wealth Advisory Platform
With an aim to onboard 10 million users over the next three years, the platform promises to make goal-based investing more accessible while simplifying portfolio tracking and financial planning You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Wealthtech startup PowerUp Money has raised $7.1 million in seed funding to fuel its ambition of reshaping investment advisory for India's growing base of retail investors. The round was co-led by Accel, Blume Ventures, and Kae Capital, with participation from 8i Ventures, DeVC, and several angel investors. The Bengaluru-based startup plans to use the capital to enhance its investment intelligence engine, scale advisory services, and accelerate product development. The company's flagship offering, Power Mutual Funds, launched in April, has already attracted over 25,000 users, with assets under management touching INR 3,000 crore ($350 million). With an aim to onboard 10 million users over the next three years, PowerUp Money is positioning itself as a digital-first alternative to traditional wealth management. The platform promises to make goal-based investing more accessible while simplifying portfolio tracking and financial planning. "Most Indian investors start with SIPs or one-time investments, but don't know what to do next. Portfolios are left unattended for years—we want to fix this," said CEO, Prateek Jindal, in a statement. "We want to empower every investor with the right research and tools in a way that's simple and effortless. Getting the right advice at the right time compounds not just your money but also your confidence as an investor." The company's broader product suite includes Power FD, which offers access to high-interest fixed deposits from RBI-regulated entities, and Power Age, a planning tool aimed at helping users chart a course to financial independence. One of its premium offerings, PowerUp Elite, charges an annual fee of INR 999 for institutional-grade research and tailored portfolio advice—services typically reserved for high-net-worth individuals. Backing the startup, Ashish Fafadia, partner at Blume Ventures, said, "India's wealthtech story is just getting started—and now wealth advisory time has come, especially as investable surplus grows and investor participation broadens. PowerUp has the right ingredients: a strong product, a deep understanding of user behaviour, and the ability to scale." Accel's Prayank Swaroop echoed this sentiment, highlighting the shift in the market from just providing access to investment products to delivering actionable advice. "PowerUp is taking a unique approach, backed by deep user understanding and reimagining what investment advisory should look like for the digital investor," he said. "With PowerUp Elite, they're putting high quality investment research and guidance in the hands of every Indian — without the high fees of traditional wealth managers."
Economic Times
2 days ago
- Business
- Economic Times
Wealthtech startup PowerUp Money raises $7 million from Accel, Blume, others
Live Events Bengaluru-based wealthtech startup PowerUp Money has raised $7.1 million in its first major institutional funding round, led by early-stage investors Accel Blume Ventures , and Kae Capital The round also saw participation from 8i Ventures, in April by Prateek Jindal, who was previously the cofounder at Uni Cards , the startup offers direct mutual fund investments to retail investors.'The venture was initially built as a separate platform but within Uni Cards. Post this funding round, the firm and the team have been hived off from Uni,' Jindal told ET. He added that while he continues to be a shareholder at Uni Cards, he has resigned from an executive role in the with a registered investment advisor (RIA) licence, the platform offers advisory services on its clients' mutual fund investments and also offers transactions through the said that he believes that the Indian mutual fund market will grow to 100 million users over the next three to four years from around 55 million currently, and investors would look for proper advisory services on which funds to buy and sell.'There are many competitors in the wealth management space in India, but I am targeting retail investors with a ticket size of anywhere between Rs 5 lakh and Rs 2 crore,' Jindal Money's funding round comes at a time when there is heightened activity in the Indian wealth management ecosystem. Players like Centricity, Dezerv, Angel One-backed Ionic Wealth are taking shape in this space, looking to carve out a niche in the growing market. Stock broking major Groww recently closed the acquisition of Fisdom to set foot in the wealth management space as Money wants to build a technology-led product, which will generate good-quality advisory and portfolio management services to its clients for free. The company is also offering a paid subscription service, which will offer quarterly reviews and additional services.'While this will be my customer acquisition strategy, I am looking to generate revenue from end-to-end portfolio management services, which is what I am building towards,' Jindal a team of 30-35 individuals, Jindal is looking to use the freshly raised funds for strengthening the research vertical, building more products to cater to consumer requirements, and scaling up customer acquisition.
Time of India
2 days ago
- Business
- Time of India
Wealthtech startup PowerUp Money raises $7 million from Accel, Blume, others
Live Events Bengaluru-based wealthtech startup PowerUp Money has raised $7.1 million in its first major institutional funding round, led by early-stage investors Accel Blume Ventures , and Kae Capital The round also saw participation from 8i Ventures, in April by Prateek Jindal, who was previously the cofounder at Uni Cards , the startup offers direct mutual fund investments to retail investors.'The venture was initially built as a separate platform but within Uni Cards. Post this funding round, the firm and the team have been hived off from Uni,' Jindal told ET. He added that while he continues to be a shareholder at Uni Cards, he has resigned from an executive role in the with a registered investment advisor (RIA) licence, the platform offers advisory services on its clients' mutual fund investments and also offers transactions through the said that he believes that the Indian mutual fund market will grow to 100 million users over the next three to four years from around 55 million currently, and investors would look for proper advisory services on which funds to buy and sell.'There are many competitors in the wealth management space in India, but I am targeting retail investors with a ticket size of anywhere between Rs 5 lakh and Rs 2 crore,' Jindal Money's funding round comes at a time when there is heightened activity in the Indian wealth management ecosystem. Players like Centricity, Dezerv, Angel One-backed Ionic Wealth are taking shape in this space, looking to carve out a niche in the growing market. Stock broking major Groww recently closed the acquisition of Fisdom to set foot in the wealth management space as Money wants to build a technology-led product, which will generate good-quality advisory and portfolio management services to its clients for free. The company is also offering a paid subscription service, which will offer quarterly reviews and additional services.'While this will be my customer acquisition strategy, I am looking to generate revenue from end-to-end portfolio management services, which is what I am building towards,' Jindal a team of 30-35 individuals, Jindal is looking to use the freshly raised funds for strengthening the research vertical, building more products to cater to consumer requirements, and scaling up customer acquisition.
