MC EXCLUSIVE Peak XV Partners to lead $25 million round in Stable Money, four months after $20 million fundraise

Stable Money co-founders Saurabh Jain and Harish Reddy

Peak XV Partners is set to lead around $25 million funding round in wealthtech startup Stable Money, sources have told Moneycontrol.

The round comes after the startup raised $20 million (Rs 173 crore) in a Series B round led by Nandan Nilekani’s Fundamentum Partnership in June, with participation from Aditya Birla Ventures, Z47, RTP Global, and Lightspeed. Earlier, Stable Money raised about $15 million in its Series A.

The latest funding, likely to be structured as a pre-Series C round, comes amid sustained investor interest in India’s wealthtech segment.

Why is Stable Money raising funds so soon?

Since the June fundraise, Stable Money has recorded a sharp growth in users and assets under management (AUM), prompting the founders to accelerate expansion plans, sources said.

Demand for wealth management startups continue to remain high, as these platforms target growing affluent segment with smarter and diversified savings products.

The round is likely to close soon, with Peak XV in the lead and some existing investors topping up their stakes. Including the upcoming fundraise, Stable Money would have raised roughly $60 million in total funding across four rounds in under three years. The June round valued Stable Money at about $130 million post-money, and sources said the current deal would be a modest up-round.

Both Peak XV Partners and Stable Money declined to comment.

What does Stable Money do?

Founded by former Navi Mutual Fund CEO Saurabh Jain and Harish Reddy in 2022, Stable Money started as a digital fixed deposit (FD) investment platform and later added bonds after securing its Online Bond Platform Provider (OBPP) licence from BSE in early 2024.

Its core proposition is to simplify and digitise fixed-income investing; a category long dominated by offline processes and fragmented options. Users can compare interest rates across banks, open FDs without visiting branches, and access short-term bonds with transparent yields. The platform earns commissions from its banking and NBFC partners for facilitating these deposits.

In the past few months, the platform has expanded into FD-backed secured credit cards, and mutual funds against loans against FD. Pilots are on for gold mutual funds and loan against FD.

Since its launch, the company claims to have onboarded over 20 lakh customers and claims to have surpassed Rs 4,000 crore in AUM, on a 40 percent quarter-on-quarter growth.

Its partner network includes IndusInd Bank, Utkarsh Small Finance Bank, Unity SFB, and Suryoday SFB, among others.

How does this fit into the broader wealthtech funding wave?

India’s wealthtech sector has emerged as a new area of investor focus since 2024, driven by growing retail participation, predictable revenue streams and rising appetite for digital savings and investment products.

The trend began in 2024 with Smallcase securing around $50 million, followed by Centricity, Syfe, Zfunds and Univest expanding operations with fresh capital.

In terms of new launches, Uni Cards spun-off wealthtech platform PowerUp Money, to be led by co-founder Prateek Jindal, raised $7.1 million from Accel, Blume, Kae Capital among others.

Adding to the momentum, Mumbai-based Dezerv raised $40 million in fresh funding this week, co-led by Premji Invest and Accel. It was Dezerv’s second capital infusion in almost a year to scale its portfolio management and advisory services.

The market has also seen strategic consolidation. Groww’s recent $150 million-acquisition of Fisdom, for instance, underscored how larger players are strengthening wealth management capabilities.

What’s next for Stable Money?

The fresh round led by Peak XV will give Stable Money enough capital to scale up AUM over the next 12–18 months and expand its product suite, sources said.

The company in the past has spoken about its plans to increase visibility in smaller regions, where retail investors prefer safer products but lack digital access to banks or brokers.

What is the wealthtech market potential in India?

According to EY’s Wealth Management in India report, the country’s wealthtech market is expanding rapidly and is expected to grow from $20 billion in FY20 to $63 billion by FY25, driven by demographic shifts, intergenerational wealth transfer, and the growing influence of millennials.

Wealth creation is spreading beyond metros to nearly 100 towns and cities, as India’s high savings rate transitions from physical assets like gold and real estate toward financial products.

“Wealthtech in India is witnessing trends such as, hyper-personalization of advisory, a highly competitive landscape with a dynamic mix of new entrants and established players, and dynamic demands of new client segments,” the report says.