Bengaluru-based wealthtech startup, Fisdom, is set to secure approximately $5 million in funding from existing investor PayU as part of its ongoing Series C round. The company, founded in 2016 by Subramanya S V and Anand Dalmia, operates as a comprehensive wealthtech platform offering investment options in stocks, mutual funds, insurance, and tailored services for High Net Worth Individuals (HNIs). The latest round follows a Series C1 compulsory convertible preference shares (CCPS) allocation to PayU, with the total capital infusion reaching $4 million so far.

Fisdom’s shareholders approved the issuance of Series C1 CCPS to PayU, representing a downround for the startup. The current post-money valuation stands at $102 million, indicating a decrease from the previous valuation of around $145 million last year. Fisdom had raised nearly $14 million in the previous funding round in 2022 from existing investors such as PayU and Quona Capital.

Operational Expansion and One Percent Academy

With a consumer base exceeding 40 million, Fisdom has been expanding its offerings, including the introduction of One Percent Academy in the previous year. The online learning platform is designed to enhance the fundamental and technical analytical skills of aspiring investors and traders.

Fisdom’s financial performance for the fiscal year 2023 revealed a 36.6% reduction in net loss to INR 66.9 crore from INR 105.6 crore in the previous fiscal year. Simultaneously, its operating revenue experienced a robust growth of 180.6%, reaching INR 56.6 crore in the fiscal year under review compared to INR 20.1 crore in FY22.

PayU entered the Indian wealthtech sector with its investment in Fisdom in October 2021, contributing approximately $11 million at that time. The continued investment underscores PayU’s confidence in Fisdom’s potential to thrive in the competitive wealthtech space.

Wealthtech Competition and Industry Landscape

Fisdom competes with notable players in the wealthtech sector, including Groww, INDMoney, Zerodha, Kuvera, and ETMoney. The entrance of PhonePe, backed by Walmart, into the investech arena further intensifies the competition, as it recently launched its stockbroking platform Share.Market.

Fisdom’s ongoing funding round with PayU demonstrates the continued support of its existing investors and positions the startup for further growth and innovation in the evolving wealthtech landscape. Despite a downround in valuation, Fisdom’s strategic expansion into educational offerings and solid financial performance signal resilience and adaptability in a competitive market. The wealthtech sector in India continues to witness dynamic developments, with established players and new entrants vying for a significant share of the growing market.

By Admin

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