Wealthtech platform Stable Money, run by former Navi Mutual Fund chief executive Saurabh Jain, has raised $5 million in its seed funding round led by Matrix Partners India and Lightspeed despite an overall slowdown in funding activity.
The round also saw participation from Titan Capital, Mar Shot Ventures and other angel investors including Kunal Bahl & Rohit Bansal, Cofounders of Snapdeal, Harsha Majety, Cofounder and CEO of Swiggy, Sandeep Tyagi Chairman & MD of Estee Advisors, Abhishek Goyal, Cofounder of Tracxn, Madhusudanan, Cofounder of M2P Fintech, Ramakant Sharma, Founder of Livspace, and Revant Bhate, CEO of Mosaic Wellness.
"The team size is 22 and we will be looking to hire 20 more. We are fortunate to have some senior-level talent also coming to Stable as we expand our operations," Jain told Moneycontrol.
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Jain added that funds will also be used to build technology and data infrastructure and develop a user-friendly mobile app for diversified fixed-return investment opportunities.
Founded in 2022, Stable Money is cofounded by Jain and Harish Reddy. Jain left Sachin Bansal-backed Navi Mutual Funds in 2022 to start Stable Money.
Stable Money offers fixed-return asset investment products for retail investors, offering access to Fixed Deposits, Debt Mutual Funds, and bonds, along with a range of low-risk asset classes delivering inflation-beating results to enhance their financial prospects.
Stable Money is signing partnerships with over 10 banks by the end of 2023 to operate its FD services.
"The goal is to integrate with 25 + banks and RBI-regulated institutes by the end of 2024...Most of our funding is also going towards securing more partnerships both with banks and SaaS firms," Jain said.
The company will expand its offerings to all the products that are classified as fixed-income products, Jain said.
Matrix Partners India, a subsidiary of the US-based venture capital firm Matrix Partners, has increased the size of its fourth India-focused fund to $525 million.
"Stable Money is enabling retail investors to access a range of wealth products starting with stable fixed-income products like FDs ensuring a seamless experience. We believe we are at an inflection point in India's wealth story," said Vikram Vaidyanathan, Managing Director, Matrix Partners India.
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