Key Highlights
- Wealthtech startup Stable Money raises Rs. 173 crore ($20M) in Series B funding.
- Fundamentum, Matrix, RTP Global, and Lightspeed back Stable Money’s growth round.
- Stable Money’s valuation crosses $130M, up 2.3X since last funding round.
Stable Money, a wealthtech startup, is raising Rs. 173 crore ($20 million) from investors including The Fundamentum Partnership Fund, Matrix Partners, RTP Global and Lightspeed India.
In its filings with the Registrar of Companies, Stable Money announces issuing 10 equity and 51,914 Series B preference shares for Rs. 33,345 apiece to raise Rs. 173 crore or $20 million.
Most of the capital for the round will come from Fundamentum Partnership Fund’s investment of Rs. 86.5 crore ($10 million). Among the new investors are RTP Global (Rs. 33.78 crore), Matrix Partners (Rs. 45.42 crore), Lightspeed India (Rs. 4.32 crore) and Naman Finance (Rs. 3 crore).
The funds will be used by Stable Money for expenses related to growth, marketing and basic operations. After the allotment, Entrackr believes that the company’s valuation could surpass $130 million. The company is valued 2.3X higher today than it was in its Series A round eighteen months ago.
Upon completion of this round, The Fundamentum Partnership Fund will hold 7.94 percent of Stable Money. Naman Finance has 0.28 percent, Lightspeed India 15.20 percent, RTP Global 13.45 percent and Matrix will hold the majority at 18.97 percent.
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Saurabh Jain and Harish Reddy founded Stable Money in late 2022 and the company works in wealthtech, making it simple for retail customers to invest in fixed income. Users can access a digital space to compare, invest and track bank fixed deposits (FDs) from many banks.
