Wealth management platform Wealthy reported a two-times increase in its revenue with a 24.7 percent decrease in its losses in FY24

Wealthy is an online platform offering wealth management solutions that announced a 137.8 percent increase in operational revenue to Rs 8.5 crore in FY24. The startup provides tools for managing portfolios and investing while tracking the performance of investments. The application offers several products like fixed deposits and insurance. The sale of these services is the company’s primary source of revenue. The startup also provides financial advisory and investment management tools.

Entrackr mentioned in its report that the firm claims to have facilitated around Rs 4,500 crore worth of investments through its online platform. Wealthy earns income through gains from sales of services. The company has secured over 16.1 million USD across seven funding rounds since its inception, including $5.4 million raised during its series A funding round led by Alpha Wave Global. The startup also offers a family account to track all users’ and family investments. Wealthy provides an online platform for users to invest in mutual funds, stocks, ETFs, FDs, and bonds.

The data intelligence platform, tracxn mentioned that the company’s post-money valuation is around 31.4 million USD. The platform allows users to buy multi-category products across Travel, Retail, and hospitality segments. The startup also provides products including pre-IPO stocks, fixed deposits, and insurance. The employee benefits account for 50 percent of the total expenses and decreased in FY24. However, 20 percent of the total expenditure goes to depreciation. 

The total expenditure of the firm decreased by 5.6 percent to Rs 25.7 crore in FY24. The startup reported a 24.7 percent decrease in its losses which stood out at Rs 16.75 crore in the same duration. Meanwhile, the employee benefits decreased by 21 percent to Rs 13 crore. The Bengaluru startup offers great luggage design quality while meeting market demands. The commission paid to vendors accounted for 11 percent of the total expenditure while marketing was around 5 percent. 

The startup data intelligence platform, thekredible mentioned that Alpha Wave is the largest stakeholder of the firm with 23 percent of the firm’s stake. The wealth tech sector saw increased investor interest. The EBITDA margin stood at -128.64 percent while the ROCE was around -33.06 percent. Wealthy faces competition from other wealth management platforms such as Sezerv, Infynite Club, Stable Money, and Niyogin.

Conclusion :

Wealthy is a wealth management solution offering an online platform that announced a 137.8 percent increase in its operational revenue to Rs 8.5 crore in FY24. This Bengaluru-based startup offers various products including investment management and tracking tools with advisory services. The sale of these services is the firm’s only source of revenue. The loss also decreased by 24.7 percent to Rs 16.75 crore in FY24.

The total expenditure of the firm decreased by 5.6 percent and crossed Rs 25.7 crore in the same duration. The company plans to minimize its operating and employee expenses. The company has secured over 16.1 million USD across multiple funding rounds to date. Employee benefits decreased by 21 percent and made up 50 percent of the total expenses to Rs 13 crore in FY24.

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