Wealthtech startup Stable Money has raised Rs 123 crore ($15 million) in a fresh funding round from RTP Capital, Lightspeed India and Matrix Partners. It has completed the second funding round within a year despite a challenging funding environment.
The board approved the issuance of 77,135 CCPS at a price of Rs 16,019 per share. RTP Capital led with Rs. 54.26 crore ($6.5 m), while Lightspeed India and Matrix Partners India invested Rs. 34.64 crore ($4.15 m) each.
In August 2023, Stable Money had raised $5 million in its first equity fundraise, which was also led by Matrix Partners and Lightspeed. The valuation of the startup has now increased from $16.5 million to $55 million.
Founded by Saurabh Jain and Harish Reddy in late 2022, Stable Money provides a fixed-return investment platform and financial literacy content.
Other WealthTech startups such as Deserve and Wealthy have also received significant funding this year.
