Wealthy’s revenue shots up over 2X; losses remain flat

Wealthtech platform Wealthy saw its growth more than double FY24, while its losses remained flat during the same period. It provides investment management and tracking tools for retail investors, along with advisory services. 

Wealthy’s revenue from operations increased 2.4x to Rs 14.5 crore in FY24, compared to Rs 6 crore in FY23, according to its consolidated financial statement filed with the RoC.

The Alpha Wave-backed firm claims to have facilitated over Rs 4,500 crore of investments through its platform, with income from service sales as its sole source of operating revenue.

Looking at expenses, employee benefits accounted for 60% of Wealthy’s total costs, increasing by 32.8% to Rs 29.78 crore in FY24. Advertising and legal cum professional fees were recorded at Rs 1.34 crore and Rs 4 crore, respectively, in FY24. Overall, total costs rose by 47.1% to Rs 49.5 crore during the fiscal year ending March 2024..

The nine-year-old firm reported a loss of Rs 24.2 crore in FY24, whereas its ROCE and EBITDA margin stood at -57.96% and -74.6%, respectively. Wealthy spent Rs 3.41 to generate a rupee in operating income during the last fiscal year.

Wealthy has raised a total of Rs 117.27 crore including Rs 45 crore in Series B round led by Falcon Edge’s Alpha Wave Incubation Fund. According to startup data intelligence platform TheKredible, Alpha Wave is the largest stakeholder with close to 23% as of the firm’s Series A round.

Wealthtech in India is experiencing significant growth, with startups raising over $200 million in the past year, as reported by TheKredible. Leading the way is Peak XV-backed Neo, which secured $48 million. Mumbai's Dezerv followed with $32 million in Series B funding, while Singapore's Syfe raised $27 million from its tech hub in Gurugram. Other noteworthy fundraisers include Stable Money, Fisdom, InvestorAi, Wealthy, Powder, Infynite Club, and Vijya Fintech.

Update: The story has been updated after Wealthy reached out to us with consolidated financial statements, which represent the firm’s true financial picture for FY24.