PowerUp Money Secures $12 Million to Transform Retail Wealth Management in India

PowerUp Money has raised $12 million in a Series A funding round led by Peak XV, with continued support from existing investors. The company plans to use the funds to enhance its offerings, launch new products, and focus on financial literacy. It aims to onboard 10 million users over the next three years.

PowerUp Money, a wealthtech platform specializing in mutual fund advisory, announced on Monday that it has successfully secured $12 million in a Series A funding round. The investment was spearheaded by Peak XV and saw participation from previous investors such as Accel, Blume Ventures, and Kae Capital.

This funding comes merely six months after PowerUp Money's seed funding round where it raised $7.2 million. With these new funds, the company aims to significantly enhance its research and advisory services, expand its PowerUp Elite offering, and introduce PowerUp Infinite, a fully managed investment advisory product.

The company further plans to focus on financial literacy and investor education. Over the next three years, PowerUp Money seeks to onboard 10 million users, reinforcing its role in the future of retail wealth management in India. 'This fundraise enables us to strengthen our advisory and research capabilities as we build India's most trusted mutual fund advisory platform,' stated Prateek Jindal, Founder and CEO.

(With inputs from agencies.)