EarnWealth raises $500K in Pre-Series Funding
- ByManjeet Singh | October 12, 2021
A YourStory report on Monday revealed that social commerce FinTech startup EarnWealth raised Rs 3.5 crore in Pre-Series A funding at a valuation of Rs 50 crore.
Rajesh P. Nair’s EarnWealth creates micro-entrepreneurs, or Mahalakshmis, in financial services. It helps FinTech customers complete transactions across physical and digital spaces, offering what Nair calls “an assisted journey.”
The money raised in the recent funding round will be used by EarnWealth to expand its micro-entrepreneur network, add new products, and partner with new financial institutions (FIs).
EarnWealth began as a B2B distributor of financial products seven years ago and added a social commerce component in 2020 to assist in the distribution of personal loans. Mahalakshmi’s business model is aimed at highly educated homemakers in India with the aim of helping them start their own financial consulting firm.
The Kamate Raho Android app trains these micro-entrepreneurs on customer acquisition. Currently, there are approximately 100 Mahalakshmis working on EarnWealth, and EarnWealth plans to hire 10,000 in the next year.
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