Exclusive: Stable Money to raise $20 Mn led by Fundamentum with 2.3X valuation jump

Wealthtech startup Stable Money is raising Rs 173 crore (around $20 million) in a funding round led by The Fundamentum Partnership Fund, with participation from existing investors Matrix Partners, RTP Global, and Lightspeed India.

The board at Stable Money has issued 10 equity and 51,914 Series B preference shares at an issue price of Rs 33,345 each to raise Rs 173 crore or $20 million, its regulatory filings accessed from the Registrar of Companies (RoC) show.

The Fundamentum Partnership Fund will lead the round with an investment of Rs 86.5 crore ($10 million). Existing investors will also join in, including RTP Global with Rs 33.78 crore, Matrix Partners with Rs 45.42 crore, Lightspeed India with Rs 4.32 crore, and Naman Finance with Rs 3 crore.

Stable Money plans to use the funds for capital expenditure, marketing, and general corporate purposes. Entrackr estimates that the company’s valuation will reach approximately $130 million following the allotment. This is a 2.3X valuation surge when compared to its last $15 million Series A round.

MoneyControl reported on this potential deal in February this year.

After the allotment of this round, The Fundamentum Partnership Fund will hold a 7.94% stake in Stable Money. Matrix will hold 18.97%, RTP Global 13.45%, Lightspeed India 15.20%, and Naman Finance 0.28%.

Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money operates in the wealthtech space, focusing on simplifying fixed-income investing for retail customers. It provides a digital platform where users can compare, invest in, and manage fixed-income products, particularly bank fixed deposits (FDs), offered by multiple banks.

The company has not yet filed its financial results for FY25. For the fiscal year ended March 2024, it remained in the pre-revenue stage, reporting an operating income of Rs 35.3 lakh and a net loss of Rs 12.29 crore.