Elever Secures $1.1 Million in Pre-Series A Funding for Wealth Management Growth
Elever, a portfolio management firm, has successfully raised $1.1 million in a pre-Series A funding round. This round was backed by Brand Capital, the investment division of The Times of India Group, along with contributions from CXOs of international companies, existing investors, and promoters. This recent funding boosts Elever’s overall financial support to $4 million thus far.
According to Elever, the funds will be invested to expand its Portfolio Management Services (PMS) business, enhance brand visibility, and improve engagement with investors.
About Elever and Its Offerings
Founded in 2020 by Anshul Sharan, Karan Aggarwal, Ram Subramaniam, and Santosh R, Elever is a wealth tech platform that serves as a SEBI-registered investment advisor and PMS provider. The platform features a hybrid robo-advisory service that emphasises goal-oriented investing, catering to both retail investors and corporations.
Utilising a data-driven, rule-based, and factor investing approach, Elever aims to assist clients in achieving their financial aspirations.
Market Insights and Future Prospects
Recent market research indicates that India’s wealth management market is expected to grow from $1.1 trillion in FY24 to $2.3 trillion by FY29, presenting an unmet demand of US$0.4 trillion.
In July of this year, the Bengaluru-based startup introduced Factorcapro PMS, a strategy designed to deliver monthly income and capital protection, specifically targeting retirees and conservative investors.
Elever is aiming to exceed Rs 1,000 crore in assets under management (AUM) within the next two years. The firm is dedicated to providing investors with customised investment solutions that cater to their sophisticated financial goals.