PowerUp Money Secures $12 Million Series A Funding

PowerUp Money, a wealthtech platform offering mutual fund advisory services, has successfully acquired $12 million in its Series A funding round. This funding was led by Peak XV, with contributions from returning investors Accel, Blume Ventures, and Kae Capital. Additional support was also received from 8i Ventures and DevC, coming just six months after the company secured $7.2 million in seed financing.

Utilisation of Funds

The newly raised capital will be employed to enhance research and advisory capabilities, scale the PowerUp Elite offering, launch PowerUp Infinite, and invest in initiatives for financial literacy and investor education, as stated in a press release from PowerUp Money.

About PowerUp Money

Established in 2024 by Prateek Jindal, PowerUp Money has a mission to create a research-driven, zero-commission mutual fund advisory platform. The aim is to provide high-quality, unbiased investment advice to millions of Indians at a significantly reduced cost compared to traditional methods. As a SEBI-registered Registered Investment Advisor (RIA), the platform guarantees that its recommendations are fully aligned with the long-term wealth creation objectives of its users.

PowerUp App Features

According to the Bengaluru-based startup, its application allows users to examine their mutual fund portfolios without charge and evaluate their portfolio’s health and performance. The flagship service, PowerUp Elite, provides personalised mutual fund advisory directly via the app for an annual fee of Rs 999. This subscription includes fund selection, portfolio assessments, rebalancing, asset allocation, and comprehensive portfolio guidance supported by high-quality research.

Upcoming Offerings

The company plans to introduce PowerUp Infinite, a dedicated investment advisory product that offers personalised 1:1 advisory services, goal planning, and tailored investment strategies in a transparent and unbiased manner. Together, PowerUp Elite and PowerUp Infinite will create a robust advisory framework, encompassing app-first personalised guidance as well as fully managed wealth solutions provided by expert advisors.

Early Successes

Within just eight months of its launch, PowerUp reports that it has onboarded over 500,000 users and is currently overseeing more than Rs 65,000 crore in assets, demonstrating impressive early engagement with the platform. Additionally, PowerUp Elite has successfully attracted over 25,000 paid members. In the next three years, the company aims to welcome 10 million users, further establishing its influence in the realm of retail wealth management in India.