Exclusive: Fisdom kicks off a new round with $14 Mn from PayU

Wealth tech startup Fisdom has kicked off a new round with a fresh infusion from existing backer PayU. The new round has come after a gap of 18 months for the Bengaluru-based startup which picked up $7 million from PayU along with participation from its existing investors Quona Capital and Saama Capital in December 2020.

Fisdom board has passed a special resolution to allot 77,606 Series C Compulsory Convertible Preference Share (CCPS)  at an issue price of Rs 14,062.11 per share to raise Rs 109 crore or $14 million, regulatory filings show.

The tranche appears to be a part of a larger Series C round. Importantly, the company had initiated its Series B round with $4 million led by Quona in November 2017 and continued to raise funds in multiple tranches in the same round until December 2020.

Fisdom has been valued at around $145-150 million post allotment, as per Fintrackr’s estimates. It has scooped up around $37.6 million since its inception in 2015. According to Entrackr’s sources, Fisdom is likely to close this round at around $25 million, and the company’s valuation will go up accordingly.

Fisdom caters to investors looking to invest in financial products including equity, derivatives, IPOs, FPOs, buybacks, sovereign gold bonds, NCDs, currencies and ETFs and helps them make informed decisions. It works with banks, NBFCs and fintech companies such as Indian Bank, Uco Bank, Bank of Maharashtra, SBM Bank and Google Pay to offer the financial products to its customers.

Founded by Subramanya SV and Anand Dalmia, Fisdom competes with ETMoney, Orowealth, Cube Wealth, Kuvera and Scribox which raised $21 million in Series D in January this year.

For the fiscal year ending on March 31, 2022, the company’s revenue from operations was recorded at Rs 14 crore. The company’s earnings come mostly from brokerage charges and consultancy services. It posted a loss of Rs 40 crore in FY21.