Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation

Wealth management platform Waterfield Advisors is raising Rs 123 crore (approximately $14.6 million) in a new funding round, led by Jungle Ventures.

The company’s board has approved a special resolution to issue 10,92,362 preference shares at an issue price of Rs 1,126 each, raising Rs 123 crore ($14.6 million), according to its regulatory filing accessed from the Registrar of Companies.

Jungle Ventures is leading the funding round with an investment of Rs 100 crore. The remaining amount is being contributed by co-founder and CEO Soumya Rajan, along with individual investors, including Bharat Dhirajlal Shah, Vijay Singh, Bandi Vamsikrishna, Corel Traders, Parthasaradhi Reddy, Kekoo Colah, and Smita D Parekh.

The company plans to utilize the proceeds for growth, expansion, marketing, and general corporate purposes, as determined by the board. According to Entrackr estimates, Waterfield Advisors will be valued at approximately Rs 723 crore ($86 million) post-allotment.

The company is reportedly raising Rs 130 crore in this round.

Founded in 2011 by Soumya Rajan, Waterfield Advisors is a fee-based multi-family office and wealth advisory firm, that ensures unbiased financial, investment, and succession planning services. 

Waterfield advisors had raised over $25 million in funding to date including $6 million from family offices, and ultra-high net worth individuals. According to the startup data intelligence platform TheKredible, Jungle Ventures will be the largest external stakeholder with 13.83%. Its co-founders Soumya Jain along with Sanjay Teli will cumulatively hold 40.07% of the company.

Waterfield Advisors has recorded a 33.2% year-on-year increase in its revenue to Rs 45.7 crore in the fiscal year ended March 2024. Moreover, it managed to decrease losses by 9.5% to Rs 28.6 crore in FY24.

According to TheKredible, Indian wealthtech startups such as Neo, Dezerv, Centricity, Stable Money, Fisdom, Univest, InvestorAi, and Wealthy have secured over $200 million in funding across 13 deals since October 2023. Reports indicate that Centricity and Stable Money are seeking additional funding, while Smallcase is preparing for a larger round.