Former Paytm Money CEO Pravin Jadhav raises seed fund for his new fintech venture

Former Paytm Money MD and CEO Pravin Jadhav has announced the launch of his new fintech startup Raise Financial. The yet-to-be-launched venture with a plan to set up consumer financial services has also raised its seed funding in a round led by Mirae Asset.

Along with venture capital firms such as Social Leverage, Blume Ventures Founders’ Fund and Multi-Act Equity, Raise Financial has also raised capital from the likes of Kunal Shah, Kalyan Krishnamurthy, Amod Malviya, Sujeet Kumar, Sameer Nigam, Rahul Chari, Amrish Rau  Jitendra Gupta and Girish Mathrubootham for the new startup.

According to Jadhav, he has also invested in his personal capacity in the investment round. The proceeds will be used for hiring across engineering, infrastructure, product, design, growth, human resources, customer service, operations, compliance and strategy.

“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. 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.” said Jadhav on the company’s official blog.

Based out of Mumbai, Raise Financial will build products and infrastructure services to serve Indians with fintech services such as financing, insurance, investing, payments and wealth. It will focus on metros, tier-I and tier-II cities in India.

Before resigning from Paytm Money in March 2020, Jadhav was serving as the whole-time director of the company and later elevated to MD and CEO of the wealth management firm in September 2019.

With this move, Jadhav has joined the long list of former Paytm executives who have donned the entrepreneurial hat after their exit from the company. This Paytm mafia includes the likes of Shankar Nath, Ankit Gera, Amit Bagaria, Saurabh Vashishtha, Amit Lakhotia, Deepak Abbot, Nitin Misra and Amit Sinha.