Latest news with #PeakXVPartners
Time of India
4 days ago
- Business
- Time of India
Cross-border digital payments startup Aspora raises $93 million from Sequoia Capital, Greylock and others
Y Combinator-backed cross-border payments startup Aspora has raised $93 million over three equity funding rounds between September 2024 and May 2025, giving it a $500-million valuation, according to its founder, Parth Garg. The London-headquartered startup, which offers remittance services to immigrant diaspora, raised the funds over three rounds in the last eight months. Its first institutional funding of $5.8 million from Hummingbird Ventures had come in 2022. Garg told ET that the startup raised $5 million in an extension of the first round in September 2024, after which came a $35-million infusion led by US-based venture firm Sequoia Capital along with participation from US-based Greylock Partners. Last month, Aspora secured another $53 million in financing, led by Sequoia Capital and Greylock Partners, with participation from London-based venture fund Quantum Light. Angel investors Balaji Srinivasan, ex-CTO of Coinbase, Sundeep Jain, previously the CPO of Uber, and Prasanna Sankar, cofounder of Rippling, were among the other participants in the round. Overall, the startup has raised more than $98 million since inception. 'Aspora's current valuation is $500 million,' Garg said from London. 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 Garg had started the business in Bengaluru, but earlier this year shifted base to London, which he said made it easier for him to coordinate global operations of the brand. For the California-headquartered venture firm Sequoia Capital, this is the first major investment in an Indian-origin startup offering services to Indian consumers. In the middle of 2023, Sequoia Capital had separated from its units in China and India and Southeast Asia. While the Chinese unit was renamed HongShan, the India entity was rebranded into Peak XV Partners . Peak XV Partners has set up a team in the US to scout for early investment opportunities in that part of the world. ET had reported in April that Peak XV Partners is looking to raise $1.2 billion for its first independent fund after the spinoff from Sequoia Capital. Aspora was previously known as Vance, but the company had to overhaul the brand's identity after JD Vance became the US vice president. Garg said all his brand promotions and online marketing efforts were getting branded as political advertisements because of the similarity in names. The company has around 250,000 users who use the platform to remit money back to India. The startup offers services to consumers in the UK, European Union region and the UAE. 'We are launching in the US in July, and Canada, Australia and Singapore by the end of the year,' he said. While headquartered in London Aspora has around 30 out of its 50 people in Bengaluru and the remaining mostly in the UK and the UAE. 'People use our platform to send money home to their parents, for investments to buy property or invest in alternative assets, we target communities and social groups of Indians in these countries to popularise our product,' Garg said. Aspora gets around 55% of its customers via referrals and around 20% from performance marketing channels. The startup has kept its customer acquisition costs at a fraction of competition, mainly by leveraging local Indian communities which are socially very active in these countries. Aspora competes with the companies such as Remitly and Wize and is disrupting the business which used to be dominated by banks and the likes of Western Union.
Entrepreneur
6 days ago
- Business
- Entrepreneur
SarvaGram Raises INR 565 Crore in Series D; Doubles Valuation to INR 1,785 Crore
SarvaGram's board approved the issuance of 21,857 Series D compulsorily convertible preference shares (CCPS) and 20 equity shares at INR 2,51,431.22 per share in November 2023 You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Rural-focused credit startup SarvaGram has raised INR 565 crore (approximately $67 million) in its Series D funding round, led by Peak XV Partners with participation from existing investors Elevation Capital, Elevar Equity, Temasek, and TVS Capital. While the company announced the round publicly, regulatory filings accessed by Entrackr revealed the detailed structure, shareholding changes, and valuation impact of the investment. According to documents filed with the Registrar of Companies, SarvaGram's board approved the issuance of 21,857 Series D compulsorily convertible preference shares (CCPS) and 20 equity shares at INR 2,51,431.22 per share in November 2023. This allotment accounted for INR 550 crore of the round, with a prior infusion of INR 15 crore bringing the total to INR 565 crore. Peak XV Partners led the round with an investment of INR 340 crore ($40.3 million). Existing backers followed suit—Elevation Capital put in INR 80.76 crore ($9.58 million), Elevar Equity contributed INR 68 crore ($8 million), while Temasek and TVS Capital invested INR 45.48 crore ($5.4 million) and INR 30.78 crore ($3.6 million) respectively. The funding has significantly boosted SarvaGram's valuation, which now stands at INR 1,785 crore ($212 million)—more than double its INR 790 crore ($94 million) valuation at the time of its $35 million Series C round. Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram focuses on delivering tailored credit and financial services to rural households, including business, farm, personal, home, and gold loans. The company also offers farm mechanization and insurance through its SarvaMitra network, which spans over 38,000 villages, supporting more than 1.5 lakh households and over 170 retail outlets. Data from TheKredible shows SarvaGram has raised over $116 million across multiple rounds. Post-Series D, Elevar Equity remains the largest external shareholder with a 23.78 per cent stake, followed by Peak XV Partners (19.05 per cent) and Elevation Capital (18.40 per cent). Co-founders Isser and Mishra continue to hold 11.00 per cent and 7.05 per cent, respectively. Financially, the Pune-based fintech reported a 2.3x growth in operating revenue to INR 170 crore for the year ending March 2024. Losses narrowed by 30 per cent year-on-year to INR 19.75 crore. SarvaGram faces competition from agri-fintech startups such as Jai Kisan, which last raised $50 million, and which secured $30 million in debt funding earlier this year.
Finextra
30-05-2025
- Business
- Finextra
Mena wealth platform Vault opens to the general public
Vault Wealth Limited ('Vault'), MENA's first digital private wealth platform built for the modern affluent, today announced its public launch, alongside an investment round led by Peak XV Partners (formerly Sequoia Capital India & SEA), with continued support from Outliers VC. 1 This marks Peak XV Partners' first wealthtech investment in the MENA region and a milestone in Vault's journey to deliver fiduciary-grade, technology driven private wealth solutions to the region's modern affluent. Since securing its ADGM Financial Services Regulatory Authority license in mid-2023, Vault has focused on building and refining its offering in close collaboration with a select group of HNWIs, ensuring it is purpose-built to meet their sophisticated needs. Having quietly validated product-market fit and laid a strong foundation, Vault is now expanding access to a broader segment of affluent investors across the region, specifically those with over USD 100,000 in liquid assets. The platform has already demonstrated strong momentum, with assets under management (AUM) growing by over 300% in the past 12 months and clients typically tripling their deposits within 90 days of first funding. 'Vault was built with a simple premise: that affluent investors in MENA deserve better—better access, better alignment, and better outcomes,' said Bilal Abou-Diab, Co-Founder and CEO of Vault. 'Vault is what wealth management should look like today: digital-first, fiduciary by design, and built for how people live and invest now. With Peak XV Partners' support, we're entering a new phase of growth, delivering institutional-quality wealth management to a broader base of clients across the region.' 'Vault is bringing a tech-driven, client-centric approach to wealth management for HNWIs in MENA. They're building a platform that resonates with a new generation of affluent investors in a market that's ripe for disruption. We're excited to partner with them on this journey,' said GV Ravishankar, Managing Director, Peak XV. Established Expertise for Modern Wealth Vault combines expert advisory capabilities with advanced technology to deliver a comprehensive wealth management experience. The platform caters to a diverse international client base, including professionals and entrepreneurs from the UAE, GCC, Europe, Asia, and North America. Vault provides expert financial planning and goal-based portfolio management, alongside institutional-grade global market access through Interactive Brokers. Clients benefit from optimized liquidity solutions and gain access to exclusive private market opportunities spanning private equity, venture capital, private credit, and real estate—all through a unified platform. 'Vault provides the sophisticated capabilities that affluent investors deserve, without the legacy constraints of traditional wealth managers,' said Sami Abdul Hadi, Co-Founder and COO, Vault. 'With over 250% year-on-year client growth driven primarily by referrals, our platform clearly empowers clients with both expertise and transparency in a market where both have been in short supply.' 'Vault stood out from our first conversation with Bilal and Sami. The team had clarity of vision and deeply understood the scale of the market gap. As demand for modern wealth management solutions accelerates, our conviction has only grown. Wealth management in MENA is overdue for reinvention, and Vault is building the infrastructure to lead it,' said Sarah AlSaleh, General Partner, Outliers VC. Unlocking Dormant Capital in a USD 3.5 Trillion+ Market The UAE has established itself as a significant wealth hub, with approximately 29% of the population holding over USD 100 million in financial assets. Despite this, at least 41% of investible wealth is held in cash positions—far exceeding levels in mature markets. Across the broader MENA region, the opportunity is even greater. GCC household wealth is projected to surpass USD 3.5 trillion by 2027, yet much remains underutilized due to legacy systems and fragmented offerings. Vault addresses this gap by offering a regulated, transparent alternative that meets the expectations of sophisticated global investors who have chosen MENA as their home. Regulated by ADGM's Financial Services Regulatory Authority (FSRA) and recognized as one of the UAE's top innovators by Future 100, Vault is now welcoming new clients.
Finextra
29-05-2025
- Business
- Finextra
Mena wealth platform Vault goes live
Vault Wealth Limited ('Vault'), MENA's first digital private wealth platform built for the modern affluent, today announced its public launch, alongside an investment round led by Peak XV Partners (formerly Sequoia Capital India & SEA), with continued support from Outliers VC. 0 This marks Peak XV Partners' first wealthtech investment in the MENA region and a milestone in Vault's journey to deliver fiduciary-grade, technology driven private wealth solutions to the region's modern affluent. Since securing its ADGM Financial Services Regulatory Authority license in mid-2023, Vault has focused on building and refining its offering in close collaboration with a select group of HNWIs, ensuring it is purpose-built to meet their sophisticated needs. Having quietly validated product-market fit and laid a strong foundation, Vault is now expanding access to a broader segment of affluent investors across the region, specifically those with over USD 100,000 in liquid assets. The platform has already demonstrated strong momentum, with assets under management (AUM) growing by over 300% in the past 12 months and clients typically tripling their deposits within 90 days of first funding. 'Vault was built with a simple premise: that affluent investors in MENA deserve better—better access, better alignment, and better outcomes,' said Bilal Abou-Diab, Co-Founder and CEO of Vault. 'Vault is what wealth management should look like today: digital-first, fiduciary by design, and built for how people live and invest now. With Peak XV Partners' support, we're entering a new phase of growth, delivering institutional-quality wealth management to a broader base of clients across the region.' 'Vault is bringing a tech-driven, client-centric approach to wealth management for HNWIs in MENA. They're building a platform that resonates with a new generation of affluent investors in a market that's ripe for disruption. We're excited to partner with them on this journey,' said GV Ravishankar, Managing Director, Peak XV. Established Expertise for Modern Wealth Vault combines expert advisory capabilities with advanced technology to deliver a comprehensive wealth management experience. The platform caters to a diverse international client base, including professionals and entrepreneurs from the UAE, GCC, Europe, Asia, and North America. Vault provides expert financial planning and goal-based portfolio management, alongside institutional-grade global market access through Interactive Brokers. Clients benefit from optimized liquidity solutions and gain access to exclusive private market opportunities spanning private equity, venture capital, private credit, and real estate—all through a unified platform. 'Vault provides the sophisticated capabilities that affluent investors deserve, without the legacy constraints of traditional wealth managers,' said Sami Abdul Hadi, Co-Founder and COO, Vault. 'With over 250% year-on-year client growth driven primarily by referrals, our platform clearly empowers clients with both expertise and transparency in a market where both have been in short supply.' 'Vault stood out from our first conversation with Bilal and Sami. The team had clarity of vision and deeply understood the scale of the market gap. As demand for modern wealth management solutions accelerates, our conviction has only grown. Wealth management in MENA is overdue for reinvention, and Vault is building the infrastructure to lead it,' said Sarah AlSaleh, General Partner, Outliers VC. Unlocking Dormant Capital in a USD 3.5 Trillion+ Market The UAE has established itself as a significant wealth hub, with approximately 29% of the population holding over USD 100 million in financial assets. Despite this, at least 41% of investible wealth is held in cash positions—far exceeding levels in mature markets. Across the broader MENA region, the opportunity is even greater. GCC household wealth is projected to surpass USD 3.5 trillion by 2027, yet much remains underutilized due to legacy systems and fragmented offerings. Vault addresses this gap by offering a regulated, transparent alternative that meets the expectations of sophisticated global investors who have chosen MENA as their home. Regulated by ADGM's Financial Services Regulatory Authority (FSRA) and recognized as one of the UAE's top innovators by Future 100, Vault is now welcoming new clients.
Zawya
28-05-2025
- Business
- Zawya
Vault announces public launch with latest investment from Peak XV Partners
As Peak XV Partners' first wealthtech investment in the region, this backing represents a significant milestone for wealth management innovation in MENA. 300%+ AUM growth and 250%+ YoY client growth signal rising demand for transparent, tech-enabled wealth platforms in a USD 3.5T+ market. Abu Dhabi, UAE – Vault Wealth Limited ('Vault'), MENA's first digital private wealth platform built for the modern affluent, today announced its public launch, alongside an investment round led by Peak XV Partners (formerly Sequoia Capital India & SEA), with continued support from Outliers VC. This marks Peak XV Partners' first wealthtech investment in the MENA region and a milestone in Vault's journey to deliver fiduciary-grade, technology driven private wealth solutions to the region's modern affluent. Since securing its ADGM Financial Services Regulatory Authority license in mid-2023, Vault has focused on building and refining its offering in close collaboration with a select group of HNWIs, ensuring it is purpose-built to meet their sophisticated needs. Having quietly validated product-market fit and laid a strong foundation, Vault is now expanding access to a broader segment of affluent investors across the region, specifically those with over USD 100,000 in liquid assets. The platform has already demonstrated strong momentum, with assets under management (AUM) growing by over 300% in the past 12 months and clients typically tripling their deposits within 90 days of first funding. 'Vault was built with a simple premise: that affluent investors in MENA deserve better—better access, better alignment, and better outcomes,' said Bilal Abou-Diab, Co-Founder and CEO of Vault. 'Vault is what wealth management should look like today: digital-first, fiduciary by design, and built for how people live and invest now. With Peak XV Partners' support, we're entering a new phase of growth, delivering institutional-quality wealth management to a broader base of clients across the region.' 'Vault is bringing a tech-driven, client-centric approach to wealth management for HNWIs in MENA. They're building a platform that resonates with a new generation of affluent investors in a market that's ripe for disruption. We're excited to partner with them on this journey,' said GV Ravishankar, Managing Director, Peak XV. Established Expertise for Modern Wealth Vault combines expert advisory capabilities with advanced technology to deliver a comprehensive wealth management experience. The platform caters to a diverse international client base, including professionals and entrepreneurs from the UAE, GCC, Europe, Asia, and North America. Vault provides expert financial planning and goal-based portfolio management, alongside institutional-grade global market access through Interactive Brokers. Clients benefit from optimized liquidity solutions and gain access to exclusive private market opportunities spanning private equity, venture capital, private credit, and real estate—all through a unified platform. "Vault provides the sophisticated capabilities that affluent investors deserve, without the legacy constraints of traditional wealth managers," said Sami Abdul Hadi, Co-Founder and COO, Vault. "With over 250% year-on-year client growth driven primarily by referrals, our platform clearly empowers clients with both expertise and transparency in a market where both have been in short supply." "Vault stood out from our first conversation with Bilal and Sami. The team had clarity of vision and deeply understood the scale of the market gap. As demand for modern wealth management solutions accelerates, our conviction has only grown. Wealth management in MENA is overdue for reinvention, and Vault is building the infrastructure to lead it," said Sarah AlSaleh, General Partner, Outliers VC. Unlocking Dormant Capital in a USD 3.5 Trillion+ Market The UAE has established itself as a significant wealth hub, with approximately 29% of the population holding over USD 100 million in financial assets. Despite this, at least 41% of investible wealth is held in cash positions—far exceeding levels in mature markets. Across the broader MENA region, the opportunity is even greater. GCC household wealth is projected to surpass USD 3.5 trillion by 2027, yet much remains underutilized due to legacy systems and fragmented offerings. Vault addresses this gap by offering a regulated, transparent alternative that meets the expectations of sophisticated global investors who have chosen MENA as their home. Regulated by ADGM's Financial Services Regulatory Authority (FSRA) and recognized as one of the UAE's top innovators by Future 100, Vault is now welcoming new clients. To learn more, visit About Vault Vault is MENA's first digital private wealth platform, purpose-built for the region's modern affluent. Backed by Peak XV Partners (formerly Sequoia Capital India & SEA), Outliers VC, and Hub71, Vault is pioneering a new category at the intersection of private banking and wealthtech. The platform combines fiduciary-grade advisory, curated investment access, and a premium client experience to redefine how high-net-worth individuals across MENA grow, preserve, and control their wealth. Founded by private banking and fintech veterans, Vault offers a unified, advisory-led experience across global public markets, high-yield liquidity solutions, and private market opportunities—including private equity, venture capital, private credit, and real estate. The platform operates under a regulated, client-first model, with institutional-grade infrastructure and transparent, performance-aligned fees. Regulated by ADGM's Financial Services Regulatory Authority (FSRA), Vault is homegrown, future-forward, and purpose-built to serve the evolving ambitions of MENA's affluent. No hidden fees. No legacy bias. Just smart, transparent wealth management for a new era. Learn More: | Media Contact: press@ About Peak XV Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital firm investing across India, Southeast Asia and beyond. Over the last 19 years of operations in the region, Peak XV has grown to manage approximately USD 9 billion in capital across 13 funds and invested in over 400 companies. The portfolio has seen 31 IPOs and multiple successful M&As since the firm's inception. About Outliers VC Outliers is an early-stage investment firm backing outlier founders in MENA. We are an operator-led firm, partnering with the entrepreneurs shaping the region's tech and business landscape. We work with founders who build differently, uncovering category-defining opportunities that create outsized outcomes. Media contact: media@
