Wealthtech startup Stable Money raises $20 million in round led by Nilekani's Fundamentum Partnership
Wealthtech startup
Stable Money, which provides
digital fixed-return investment
products, has raised $20 million (Rs 173 crore) in a funding round led by
Infosys
cofounder
Nandan Nilekani
's
Fundamentum Partnership
.
Existing backers Z47, RTP Global and Lightspeed, along with Aditya Birla Ventures, also participated in the round.
The Bengaluru-based company will use the fresh capital to expand its suite of wealth products and accelerate
customer acquisition
by strengthening its distribution, cofounder Saurabh Jain told ET.
'In the last four or five years, most of the investments have come into categories like mutual funds, stocks and crypto, and they have seen massive growth. Everybody thought that was the opportunity for India,' Jain said.
'But there is a larger segment, which is currently under-tapped. That's when we started with fixed deposits (
FDs
), and I think that segment has given us a lot of love and volumes, which is very surprising, even to us,' he added.
Users can create FDs on the platform starting at Rs 1,000, Jain said.
Discover the stories of your interest
Blockchain
5 Stories
Cyber-safety
7 Stories
Fintech
9 Stories
E-comm
9 Stories
ML
8 Stories
Edtech
6 Stories
Jain previously served as CEO of Navi Mutual Fund and held leadership roles at
Swiggy
. His cofounder, Harish Reddy, was formerly with the broking firm Estee.
The company plans to onboard at least eight new banks and non-banking finance companies (NBFCs) in 2025. It currently has partnerships with around eight banks and two NBFCs. It also aims to broaden its marketing efforts to target underserved investors in tier-II and tier-III cities.
As per its mobile application, banks currently integrated on the platform include IndusInd Bank, South Indian Bank, Slice Small Finance Bank, Ujjivan Small Finance Bank, Unity Small Finance Bank, and Suryoday Small Finance Bank.
Stable Money had earlier raised $20 million across multiple rounds from investors, including Z47, Lightspeed, RTP Global, and Marshot, as well as angel investors such as Swiggy cofounder Sriharsha Majety and Titan Capital's Kunal Bahl and Rohit Bansal.
Since its launch in 2022, Stable Money has onboarded more than 150,000 users, who have invested in FDs and bonds, taking its total assets under management (AUM) to over Rs 3,000 crore.
The company noted that FDs remain India's most popular financial product, with over 230 million Indians holding them. The category continues to grow at the rate of 12% annually.
In addition to FDs, Stable Money also offers investment products such as recurring deposits (RDs), secured credit cards, and bonds on its platform.
While platforms such as Groww and Zerodha offer FDs, sovereign gold bonds (SGBs), and other fixed-income products as part of broader investment portfolios, several fintech players have also recently launched FD offerings. For instance, Flipkart-backed Super.money launched its FD product in November 2024, while payments firm MobiKwik rolled out instant FDs on its app last year.
'Stable Money is reimagining savings by building a highly trusted, digital-first fixed-income investment platform. They've blitzscaled from zero to over Rs 3,000 crore in AUM and have demonstrated 40% growth over the last three months. The team has democratised access to fixed-income products and built incredible customer love along the way,' said Mayank Kachhwaha, principal at Fundamentum.
Vikram Vaidyanathan, managing director at Z47, added: 'We are seeing a generational shift in how Indians approach wealth, with a cohort of investors prioritising long-term compounding of savings over short-term gains. Stable Money has built deep trust in fixed-income products through a combination of user education, access, and a superlative consumer experience.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
37 minutes ago
- NDTV
Mahindra Scorpio N Likely To Get ADAS, Panoramic Sunroof Soon
Mahindra & Mahindra launched the Scorpio N in the Indian market in 2022. Since then, the SUV has received different updates and editions to keep it fresh for the consumers. Reports suggest that the automaker is planning on further updating the SUV with the addition of new features. These are the elements that are in demand and are available on most SUVs. The importance of these features can be understood by the fact that even Mahindra has been ensuring them in its various models. Starting with the details, the updated version of the SUV will come with new features for the safety and comfort of the occupants. It is to be noted that these revisions are likely to be incorporated without any changes in design. However, the brand might offer a new variant to accommodate them. With these changes, the SUV might be launched in the country around the festive season to ensure it gets good traction in the market. The first element to focus on is the inclusion of Level 2 ADAS features. This includes lane keep assist, high beam assist, lane departure warning, auto emergency braking, and more. Along with this, the brand is likely to add a panoramic sunroof to uplift the feel of the cabin, replacing the single-pane sunroof. These features have long been on offer on the XUV700 and have been included on the more recent models like XUV3XO and the Thar Roxx. Mechanically, there will be no changes in the Mahindra Scorpio N. It will continue to be sold with the 2.0-litre turbo petrol and 2.2-litre diesel engine, with options of MT and AT. Presently, it is sold at a starting price of Rs 13.99 lakh (ex-showroom) and goes up to Rs 25.15 lakh (ex-showroom) for the most expensive variant.
Time of India
an hour ago
- Time of India
Elon Musk faces pushback as Texas lawmakers urge delay of Tesla robotaxi launch
Elon Musk 's ambitious plans to launch Tesla 's robotaxi service in Austin this month have hit political resistance. A group of Democratic lawmakers from the Austin area has formally requested the company to delay the rollout until September, when new autonomous vehicle regulations are set to take effect in Texas. The lawmakers argue that waiting for the legislation to kick in would better serve public safety and help build trust in Tesla's self-driving technology . While Musk hinted at a tentative launch this Sunday, the lack of details has raised concerns about oversight and preparedness. Lawmakers cite safety and public trust concerns In a letter sent to Tesla on Wednesday, the group of Austin-based Democratic lawmakers urged the company to hold off until the new autonomous vehicle law comes into effect. They warned that an early launch could undermine public trust and compromise safety, especially without clear protocols in place. They asked Tesla to provide a detailed explanation of how it intends to comply with the upcoming legislation if it proceeds with the rollout as planned. What the new Texas law entails by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Currently, Texas allows autonomous vehicles to operate statewide, provided they meet basic registration and insurance requirements. The new law passed by the legislature which is expected to take effect in September, will require companies like Tesla to seek formal authorisation before launching driverless services . The law also grants state authorities the power to revoke permits if the vehicles are deemed a public danger, and mandates companies to provide emergency guidance for police and first responders. Tesla's quiet approach about the launch Tesla and Musk have so far offered limited details about the Austin robotaxi launch. Musk said it would begin with 10 to 20 Model Y vehicles operating in 'the safest' parts of the city, but has not revealed who the initial riders would be, how the service would be priced, or how remote monitoring would be handled. This opacity has added to the lawmakers' concerns and fuelled debate over whether the rollout is premature. High stakes for Tesla's future Musk has placed the future of Tesla heavily on its autonomous driving technologies, shifting focus from traditional EV sales to robotaxis and humanoid robots. Investors and analysts view the upcoming robotaxi rollout in Austin as a crucial step. The pushback from lawmakers, however, highlights the regulatory hurdles that could slow Tesla's momentum in a space already fraught with scrutiny. Will Tesla comply or proceed? It remains uncertain how Tesla will respond. While the lawmakers' letter carries political weight in Austin, Texas is a Republican-led state, and the new law has yet to be signed by the governor. Whether Tesla proceeds with the launch or chooses to delay voluntarily could shape both its public image and regulatory relationships moving forward. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
an hour ago
- Economic Times
US tariff spike hits China's small parcels, squeezing exporters
Bloomberg Live Events US tariff hikes on small packages from China triggered a slump in shipments last month, contributing to a huge drop in bilateral trade and roiling exporters like Shein Group Ltd The value of small parcels sent from China to the US fell to just over $1 billion in May, the least since early 2023, according to customs data released Friday. The 40% plunge from the same month last year marks a sharp reversal for a booming trade route, coming just as the US government eliminated a long-standing tariff policy shift is upending the business models of fast-fashion titan Shein and its rival Temu, which relied on the exemption to send goods directly to US customers free of tariffs. It's also squeezing thousands of small merchants who relied on the model as a low-cost entry into the world's largest consumer market.'Without the exemption, it would mean tougher business to us, and much fewer options for consumers, and potentially higher prices,' said Wang Yuhao, whose Kunming-based incense company, Shantivale, recently began selling to the US. 'This is a lose-lose situation.'For the entrepreneur, the new tariffs and logistical fees of direct shipping now would mean losing $2 on every parcel. To avoid the additional cost, Wang said he has pivoted to bulk shipments to US warehouses, a move that demanded an upfront investment of more than 100,000 yuan ($13,800) for inventory and source of the disruption is the end of the 'de minimis' rule exemption for Chinese and Hong Kong shipments. Previously, packages valued under $800 could enter the US duty-free. Since May 2, those parcels face tariffs as high as 54% after the Trump administration moved to close what it deemed an unfair trade impact on the largest players was swift. Shein raised US prices on items from dresses to kitchenware ahead of the hike to cover the costs of the higher tariffs, according to data compiled by Bloomberg News. In the week after the tariffs took effect, both Shein and Temu saw double-digit sales declines, an early sign the punitive measures are eroding their with the drop, the US remained the largest single destination for China's small parcels, the data showed. Malaysia followed by taking more than $700 million worth of such shipments last small parcel shipments rose 40% in May compared to a year ago, with Belgium, South Korea, Hong Kong and Hungary among other large destinations.
