Former Paytm Money CEO’s new FinTech startup bags funding

By Leandra Monteiro

According to media reports, former Paytm Money CEO Pravin Jadhav’s new start-up Raise Financial has raised a seed round from Mirae Asset Venture Investments, Blume Ventures’s Founders Fund and early-stage fund Social Leverage. Raise Financial has also secured funding from several unicorn founders.

CRED founder Kunal Shah, Flipkart CEO Kalyan Krishnamoorthy, PhonePe founders Sameer Nigam and Rahul Chari, Udaan founders Amod Malviya and Sujeet Kumar, Freecharge cofounder Sandeep Tandon, Pine Labs CEO Amrish Rau, Jupiter Money founder Jitendra Gupta and Freshworks’ Gireesh Mathrubootham are said to be some of the people that have participated in this seed round.

Pravin Jadhav aims to build a consumer-facing wealth management solution that will enable users to smartly manage their money. Raise Financial will be a one-stop solution for capital management needs, including digital payments, investments, financing and more.

According to media reports, the startup named Raise Financial which is due to launch its first product in the second half of 2021 will focus on providing wealth management and distribution of financial services to customers in metro and Tier 1 cities. The plaform will target the tax paying demographic in these top-tier cities with an annual income of INR 5 Lakhs and above.

A large portion of the raised funds will be put towards setting up the company’s teams, technology and infrastructure to launch its first product in this calendar year. The company is also aiming to look into cracking partnerships with banking institutions in the upcoming months in order to facilitate the services.

Prior to this announcement Jadhav had started Paytm Money in 2017, the wealth management division of One97 Communications Ltd., the brand which owns Paytm. He had also founded e-commerce solution, Wishberg, which was acquired by Freecharge in June 2014. And now with Raise Financial he aims to enter into all the segments with a one-stop money management solution.