PowerUp Money Secures $7 Million in Funding to Expand Wealthtech Services

Bengaluru, India – PowerUp Money, a wealthtech startup, has successfully secured $7.1 million in its inaugural institutional funding round. This fundraising effort was led by prominent investors including Accel, Blume Ventures, and Kae Capital, with additional support from 8i Ventures and DeVC. The funding aims to bolster PowerUp Money’s research capabilities, enhance product offerings, and scale customer acquisition efforts.

Founded in April 2023 by Prateek Jindal, a former co-founder of Uni Cards, PowerUp Money has transitioned into an independent entity, having initially developed as a platform within Uni Cards. Jindal stated, “While I continue to hold shares in Uni Cards, I have stepped down from my executive position there.” The startup offers direct mutual fund investments tailored to retail investors, alongside advisory services under a registered investment advisor (RIA) license.

According to Jindal, the Indian mutual fund market is poised for substantial growth, potentially expanding to 100 million users within the next three to four years from the current estimate of 55 million. He noted that investors increasingly seek expert advisory services to navigate their mutual fund investments. “My target demographic consists of retail investors with investment sizes ranging from ₹5 lakh to ₹2 crore,” Jindal elaborated.

The funding occurs amidst a surge of activity within the Indian wealth management ecosystem. Competitors such as Centricity, Dezerv, and Ionic Wealth are emerging, striving to capture market share in this burgeoning sector. Stock brokerage firm Groww has also entered the wealth management arena by acquiring the fintech platform Fisdom.

PowerUp Money aims to differentiate itself by developing technology-driven products that provide high-quality advisory and portfolio management services at no cost to clients. Additionally, the firm is launching a paid subscription service that offers quarterly investment reviews and enhanced services.

“The strategy for customer acquisition revolves around delivering comprehensive portfolio management services, which is the direction in which we are heading,” Jindal stated. With a team comprising 30-35 members, the startup intends to utilize the newly acquired funds to fortify its research division, innovate product offerings, and amplify its market presence.

As the wealthtech landscape evolves, the implications of PowerUp Money's funding extend beyond mere financial metrics. The firm’s approach reflects a broader trend toward democratizing investment access and enhancing the user experience for retail investors in India. As competition increases, the focus on technological integration and personalized advisory services will likely shape the future of wealth management in the region.

In conclusion, PowerUp Money is strategically positioning itself in the competitive wealth management space, with significant backing from investors and a clear vision for growth and innovation. As the Indian mutual fund market continues to expand, the startup’s efforts to attract retail investors with tailored services could set a new standard in the wealthtech sector.