Wealthy.in saw a 2X hike in revenue in FY24 with earnings rising to Rs 25.22 crore from Rs 11.82 crore in FY23.
Founded in 2015 by Aditya Agarwal and Prashant Gupta, Wealthy.in is a wealth management platform offering tools and products to help users manage their wealth. It offers its technology free of cost and earns only when a wealth management professional suggests a financial product from its marketplace.
The Bangalore-based startup has raised Rs 117.27 crore over 10 rounds, with the latest series B funding from Alpha Wave in April 2024. It is currently valued at over Rs 200 crore
Competing with Fisdom and Oro Wealth, Alpha Wave Incubation holds 22% of the company’s shares, while the co-founders Aditya Agarwal and Prashant Gupta each hold over 15%. Other significant shareholders include Good Capital and Savrola Laxmi LLC.
Along with the hike in revenue, Wealthy.in recorded a 38% surge in expenses at Rs 49.50 crore in FY24 from over Rs 30 crore in FY23. Employee benefits made up over half of the total expenses. Followed by advertisements, legal and professional charges along with commissions, travelling, and finance costs.
The company continues to be in losses from Rs 23.84 crore in FY23 to Rs 24.28 crore in FY24.
The company’s current EBITDA margin and ROCE though remains negative improved to -74.78% and -58.14% respectively.