Univest To Secured $16 Million in Funding

Univest is a wealthtech business is in talks to earn $16 million, or around INR 135 crore, for its Series A fundraising round.

According to ET, which cited people familiar with the situation, Bertelsmann India Investments (BII) is expected to lead the next round, which would involve a combination of loan and equity injection. Innoven Capital is also expected to participate.

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According to the article, Innoven Capital is anticipated to provide $3 million towards debt financing.

With the additional funding, Univest intends to launch a brokerage platform that prioritizes advice under a new company called Univest Broking.

Univest cofounder and chief executive Pranit Arora said, “We can’t confirm or deny anything at this stage. We will be sharing more information, once things are official.” 

Arora, Avneet Dhamija, and Vikash Agrawal founded Univest, a smartphone app that provides users with a range of investment options, in 2022. It offers consumers tailored investing advice according to their financial objectives and risk tolerance.

Transaction and subscription fees are the startup's main sources of income. Univest charges a tiny commission for each investment transaction that is started through the site.

Univest has two wholly-owned companies that are registered with SEBI: Uniapps, which is its wealth advice arm, and Uniresearch, which is its research analyst arm.

This development coincides with a peak in the growth of traditional trading and investing among investors and an increase in the reaction against cryptocurrency profits.

In response to the rising threat of online platforms that offer fantasy games to the public based on stock trading data of listed firms, markets regulator SEBI issued a warning earlier this month to the public about unapproved online virtual trading and gaming platforms.

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