Fisdom, the Bengaluru-based wealthtech startup, is set to raise approximately $5 million (~INR 40 Crores) from its existing investor PayU as part of its ongoing Series C round. Recent filings reveal that the startup’s shareholders approved the allotment of Series C1 compulsory convertible preference shares (CCPS) to PayU a few weeks ago, with $4 million already received from the investor.
Estimates suggest that Fisdom secured this capital at a post-money valuation of $102 million, indicating a downround. In the previous year, the startup had raised nearly $14 million from existing investors PayU and Quona Capital, valuing the company at around $145 million.
Founded in 2016 by Subramanya S V and Anand Dalmia, Fisdom operates as a wealthtech platform, enabling users to invest in stocks, mutual funds, and insurance. Additionally, the platform offers tax filing and wealth management services tailored for High Net Worth Individuals (HNIs).
With a consumer base exceeding 40 million, Fisdom has expanded its offerings, introducing the One Percent Academy last year—an online learning platform designed for aspiring investors and traders to enhance their fundamental and technical analytical skills.
In the fiscal year 2022-23, Fisdom demonstrated a 36.6% reduction in net loss, narrowing down to INR 66.9 Crores from INR 105.6 Crores in the previous fiscal year. Meanwhile, the operating revenue witnessed substantial growth, soaring by 180.6% to INR 56.6 Crores compared to INR 20.1 Crores in FY22.
It’s worth noting that PayU made its entry into the Indian wealthtech space with an investment in PayU in October 2021. During that funding round, Fisdom raised around $11 million from PayU, Quona, and Sama Capital.
Fisdom faces competition from well-established players in the wealthtech sector, including Groww, INDMoney, Zerodha, Kuvera, and ETMoney.
In a recent move, Walmart-backed PhonePe ventured into the investech space by introducing its stock broking platform, Share.Market.
