The wealthtech mutual fund advisory platform PowerUp Money has raised $12 million in a Series A fundraising round headed by Peak XV, with participation from current backers Accel, Blume Ventures, and Kae Capital. Just six months after the business obtained $7.2 million in venture funding, 8i Ventures and DevC continued to support the round.

Key Highlights

• Bengaluru wealthtech PowerUp Money raises $12M Series A led by Peak XV Partners. 
• Existing investors Accel, Blume, Kae Capital, 8i Ventures and DevC also participate.

According to a news statement from PowerUp Money, the money raised will be used to establish PowerUp Infinite, scale PowerUp Elite, improve research and advising capabilities, and fund investor education and financial literacy programs.

Prateek Jindal founded PowerUp Money in 2024 with the goal of creating a research-driven, zero-commission mutual fund advisory platform that will provide millions of Indians with objective, high-quality investing advice at a fraction of typical fees. The platform guarantees that suggestions stay completely in line with investors' long-term wealth creation objectives because it is a licensed Investment Advisor (RIA) licensed with SEBI.

The Bengaluru-based business claims that their software allows users to evaluate the performance and health of their mutual fund portfolios at no cost. For an annual charge of Rs 999, the startup's flagship product, PowerUp Elite, provides individualized mutual fund advice straight through the app. Fund selection, portfolio reviews, rebalancing, asset allocation, and end-to-end portfolio guidance supported by institution-grade research are all included in the subscription. 

Also Read: Easebuzz Eyes $30 Mn Fundraise at Valuation Exceeding $250 Mn

The business intends to introduce PowerUp Infinite, a fully managed financial advising solution that provides goal planning, individualized investment strategies, and committed 1:1 advice in an open and objective manner. PowerUp Elite and PowerUp Infinite will work together to create a full advisory stack that includes everything from fully managed financial solutions run by knowledgeable advisers to app-first tailored counsel.

Strong early user engagement with the platform is demonstrated by PowerUp's claims to have onboarded over 5 lakh members within eight months of introduction and to be tracking over Rs 65,000 crore in assets. Additionally, more than 25,000 premium members have joined PowerUp Elite.  It intends to enroll 10 million people over the course of the next three years, strengthening its position in influencing the direction of retail wealth management in India.