[Funding News] Wealthy Secures $5.4 Mn Funding Led by Alpha Wave

Wealth management platform Wealthy has raised Rs 45 crore ($5.4 million) from Falcon Edge's Alpha Wave Incubation Fund.

Wealthy intends to use these funds for general working capital purposes and expansion, as per the filed documents.

Read also - Sterlite Power Secures INR 1373 Cr Funding From PFC

In order to generate Rs 45 crore, the board of Wealthy has approved a special resolution to issue 47,222 mandatory convertible preference shares at an issue price of Rs 9,556 per.

Wealthy provides tracking and investment management solutions for individual investors. Professional advice and access to wealth management is also provided. The company claims on its website to have made over Rs 4,500 crore in investments possible through its marketplace. Entrackr was the first to report on the development.

Alpha Wave led the round, With an investment of Rs. 20.7 crore, followed by Rs. 16.38 crore from Savrola Lakshmi LLC. Rs 7.92 crore was contributed overall by Good Capital and other private investors.

About Wealthy

Founded in 2015 by Aditya Agarwal and Prashant Gupta, Wealthy enables professionals to grow wealth for investors through its wealth management platform.

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