Finnovate Financial Services, an India-based advisory-led wealth management platform, has secured approximately $2m in a pre-Series A funding round backed by a group of angel investors, including Ramakant Deshpande.
The capital will be directed towards three main areas: developing the company’s technology and mobile application, expanding its team, and advancing business development efforts, including groundwork for the next stage of its offering.
The latest raise follows a $1m angel round closed in 2023, with a number of early backers choosing to reinvest in the business.
Alongside the funding announcement, Finnovate also disclosed that it has received a Portfolio Management Services (PMS) licence from the Securities and Exchange Board of India (SEBI).
The company had previously operated as a SEBI-registered investment adviser, working on an advice-led rather than commission-led model.
The PMS licence extends this by enabling the firm to directly manage diversified portfolios across asset classes for investors who opt into the service. A Multi Asset PMS Strategy is currently in preparation but has not yet launched or opened for subscription.
Finnovate co-founder Nehal Mota said, “This latest round marks an important milestone in our growth journey. The continued backing from investors reinforces our belief that advisory-led wealth management will play a pivotal role in shaping the future of investing in India. The fresh capital strengthens our ability to scale operations, accelerate product innovation, and expand our market presence.”
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