Former Paytm Money managing director and CEO Pravin Jadhav’s new FinTech startup Raise Financial has secured seed funding in a round led by Mirae Asset.
Due to launch in the second half of 2021, Raise Financial will provide wealth management solutions and distribution of financial services such as financing, insurance, investing, payments and wealth to customers in metros, tier-I and tier-II cities in India.
“This time I am not starting from scratch, I am starting from my experiences. I have done it before, and I aim to do it again – raise the bar! This time even higher with Raise Financial Services,” Jadhav wrote in a blog.
The startup has raised investment from Mirae Asset Venture Investments, an India-focussed fund launched by South Korean firm Mirae, alongside VC firms such as Multi-Act Private Equity, Blume Ventures and US-based early-stage investor Social Leverage.
Furthermore, various prominent startup founders too pumped in money for the startup, including CRED founder Kunal Shah, Flipkart chief executive Kalyan Krishnamoorthy, PhonePe founders Sameer Nigam and Rahul Chari, Udaan founders Amod Malviya and Sujeet Kumar, Freecharge co-founder Sandeep Tandon, Pine Labs chief executive Amrish Rau, Jupiter Money founder Jitendra Gupta and Freshworks’ Gireesh Mathrubootham.
Jadhav – who had reportedly quit Paytm last year after growing differences with founder Vijay Shekhar Sharma – has invested from his personal pot in the round. The fresh capital will be used for building its team and hire talent across most verticals including engineering, infrastructure, product, design, growth, human resources, customer service, operations, compliance and strategy.
Commenting on the scope of the FinTech ecosystem, Jadhav wrote, “As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high-quality products & services.”
He added, “We believe there exists a large opportunity in offering a better and differentiated experience with financial products to these users. Raise will focus on building tech-led consumer services for 35 Mn+ tax paying citizens of India.”
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