Funding Alert

Fisdom, Bengaluru-based Wealthtech Startup, Raises $5M from PayU in Series C Round

• ByStartupStory     |    January 10, 2024

Fisdom, a Bengaluru-based wealthtech startup, is in the process of securing approximately $5 million (~INR 40 crore) from its existing investor PayU as part of its ongoing Series C round. The startup’s shareholders approved the allocation of Series C1 compulsory convertible preference shares (CCPS) to PayU a few weeks ago, as revealed by filings.

Already, Fisdom has received $4 million from PayU. The capital raise has been made at a post-money valuation of $102 million, indicating a downround for the startup. Last year, Fisdom had raised nearly $14 million from existing investors such as PayU and Quona Capital at a valuation of around $145 million. Prior to that, the startup had secured an additional $4 million from PayU in 2021.

Founded in 2016 by Subramanya S V and Anand Dalmia, Fisdom operates as a wealthtech platform, enabling users to invest in stocks, mutual funds, and insurance. It also provides tax filing and wealth management services tailored for High Net Worth Individuals (HNIs). Fisdom claims to have amassed a consumer base of over 40 million. In the previous year, the startup introduced One Percent Academy, an online learning platform designed for aspiring investors and traders to enhance their fundamental and technical analytical skills.

In terms of financial performance, Fisdom reported a 36.6% reduction in net loss to INR 66.9 crore in FY23 from INR 105.6 crore in the previous fiscal year. Concurrently, its operating revenue surged by 180.6% to INR 56.6 crore in the fiscal year under review from INR 20.1 crore in FY22.

PayU made its entry into the Indian wealthtech sector through its investment in Fisdom in October 2021. At that time, the startup had raised approximately $11 million from PayU, Quona, and Sama Capital.

Fisdom competes in the wealthtech space with prominent players such as Groww, INDMoney, Zerodha, Kuvera, and ETMoney. In a related development, PhonePe, backed by Walmart, recently ventured into the investech arena with the launch of its stockbroking platform Share.Market.

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