Wealth Management Platform Waterfield Advisors Raises Rs 123 Crore

Wealth management platform Waterfield Advisors is in the process of raising Rs 123 crore (around $14.6 million) in its latest funding round, which is spearheaded by Jungle Ventures. The company’s board has sanctioned a special resolution for the issuance of 10,92,362 preference shares at a price of Rs 1,126 each, culminating in a total fundraising amount of Rs 123 crore ($14.6 million), as disclosed in recent regulatory filings obtained from the Registrar of Companies.

Funding Details and Major Contributors

Jungle Ventures is taking the lead in this funding initiative with an investment of Rs 100 crore. Additional contributions are coming from co-founder and CEO Soumya Rajan, alongside individual investors such as Bharat Dhirajlal Shah, Vijay Singh, Bandi Vamsikrishna, Corel Traders, Parthasaradhi Reddy, Kekoo Colah, and Smita D Parekh.

Utilization of Funds and Company Valuation

Waterfield Advisors plans to allocate the raised funds towards growth operations, marketing, expansion, and general corporate activities as outlined by its board. Following the completion of this funding round, the estimated valuation of Waterfield Advisors is projected to be around Rs 723 crore ($86 million), according to Startup Superb estimates. Reports suggest that the company is aiming to secure Rs 130 crore in this funding round.

Company Background and Previous Funding

Established in 2011 by Soumya Rajan, Waterfield Advisors operates as a fee-based multi-family office and wealth advisory firm focused on delivering impartial financial, investment, and succession planning services. To date, Waterfield Advisors has raised more than $25 million in funding, which includes $6 million from family offices and ultra-high-net-worth individuals. According to data from startup intelligence platforms, Jungle Ventures will emerge as the largest external stake holder, holding 13.83%, with co-founders Soumya Jain and Sanjay Teli retaining a combined 40.07% ownership in the company.

Financial Performance Insights

Waterfield Advisors has achieved a remarkable 33.2% year-on-year growth in revenue, reaching Rs 45.7 crore in the fiscal year concluding March 2024. Additionally, the company successfully reduced its losses by 9.5%, down to Rs 28.6 crore in FY24.

Wealthtech Landscape in India

In the broader context of the Indian wealthtech ecosystem, startups like Neo, Dezerv, Centricity, Stable Money, Fisdom, Univest, InvestorAi, and Wealthy have collectively acquired over $200 million across 13 funding deals since October 2023. Insights reveal that both Centricity and Stable Money are in pursuit of further funding, while Smallcase is preparing to initiate a larger financing round.