Bengaluru-based wealthtech startup PowerUp Money has secured $7.1 million in its first significant institutional funding round, with Accel, Blume Ventures, and Kae Capital leading the investment.
The round also included contributions from 8i Ventures and DeVC.
Launched in April by Prateek Jindal, former co-founder of Uni Cards, PowerUp Money enables retail investors to invest directly in mutual funds.
“The venture was initially built as a separate platform but within Uni Cards. Post this funding round, the firm and the team have been hived off from Uni,” Jindal said. He added that while he continues to be a shareholder at Uni Cards, he has resigned from an executive role in the company.
With a Registered Investment Advisor (RIA) license, PowerUp Money provides advisory services for clients’ mutual fund investments, along with facilitating in-app transactions.
Founder Prateek Jindal expressed optimism about the sector’s growth, projecting that the Indian mutual fund market will expand from 55 million to 100 million users over the next three to four years. He emphasized that this surge will drive demand for reliable advisory services to help investors make informed decisions on buying and selling funds.
“There are many competitors in the wealth management space in India, but I am targeting retail investors with a ticket size of anywhere between Rs 5 lakh and Rs 2 crore,” Jindal said.
PowerUp Money’s recent funding round comes amid increased momentum in India’s wealth management space, with emerging players like Centricity, Dezerv, and Ionic Wealth (backed by Angel One) aiming to establish their presence in this rapidly growing sector. Meanwhile, Groww has also entered the fray by acquiring Fisdom, marking its foray into wealth management.
PowerUp Money plans to develop a technology-driven platform that delivers high-quality advisory and portfolio management services at no cost to users. Additionally, the company offers a paid subscription tier that includes quarterly portfolio reviews and access to premium services.
“While this will be my customer acquisition strategy, I am looking to generate revenue from end-to-end portfolio management services, which is what I am building towards,” Jindal said.
With a team of around 30–35 members, Prateek Jindal plans to utilize the newly raised funds to strengthen the research division, develop new products tailored to consumer needs, and accelerate customer acquisition efforts.
