Wealthtech startup Fisdom raises $14 million a new round of funding from PayU

• ByStartupStory     |    July 1, 2022

Fisdom, a startup in wealth technology, has begun a new round with new funding from previous sponsor PayU. The Bengaluru-based business received $7 million from PayU together with participation from its current investors Quona Capital and Saama Capital in December 2020. The fresh round has come after a lapse of 18 months. In order to collect $14 million, the Fisdom Board has approved a special resolution to allot 77,606 Series C Compulsory Convertible Preference Shares (CCPS) at an issue price of Rs 14,062.11 per share.

It appears that the tranche is a component of a bigger Series C transaction. It’s significant to note that the firm started its Series B round with $4 million, headed by Quona, in November 2017 and continues to raise money in the same round through various tranches until December 2020. After allocation, Fisdom was valued at between $145 million and $150 million. Fisdom’s valuation will increase as a result of this round’s projected closing price of $25 million.

Fisdom assists investors in making wise choices whether they are wanting to invest in financial instruments including stock, derivatives, IPOs, FPOs, buybacks, sovereign gold bonds, NCDs, currencies, and ETFs. To provide its consumers with financial products, it collaborates with banks, NBFCs, and fintech firms including Indian Bank, Uco Bank, Bank of Maharashtra, SBM Bank, and Google Pay.

Fisdom, which was founded by Subramanya SV and Anand Dalmia, competes with Scribox, which got $21 million in Series D funding in January 2017, ETMoney, Orowealth, Cube Wealth, and Kuvera. The firm reported Rs 14 crore in operating revenue for the fiscal year that ended on March 31, 2022. The majority of the company’s revenue comes from brokerage fees and consulting services. In FY21, it reported a loss of Rs 40 crore.

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