Finnovate Financial Services has raised about $2 million in fresh funding from a group of angel investors, marking a new step in its growth journey. The Mumbai-based wealth management platform plans to use the money to improve its technology, expand its services, and grow its market presence. The company said the new capital will support its Portfolio Management Services (PMS) plans after receiving a PMS licence from SEBI. It will also help Finnovate strengthen its mobile app, upgrade its tech platform, and push marketing and business development efforts.
The funding comes three years after Finnovate raised $1 million in an angel round in 2023. This shows continued investor interest in advisory-led and tech-enabled wealth management businesses in India.
Finnovate is building products for long-term investing and structured financial planning. With the new PMS licence, the company is preparing to launch a multi-asset PMS strategy that can offer exposure across equities, debt, and other asset classes. The startup believes this approach can help investors manage market ups and downs while creating wealth over time. Co-founder Nehal Mota said the latest round is an important milestone because it supports product innovation and scaling.
India’s wealth management market is growing as more professionals look for disciplined investment advice and digital-first services. Finnovate’s latest fundraise suggests that investors are backing startups that combine financial expertise with technology.
The company’s focus on a PMS-led model may help it stand out in a crowded fintech space. If executed well, the new funding could improve customer reach, platform quality, and product depth.
FAQs [Frequently Asked Questions]
1. How much funding did Finnovate Financial Services raise?
Finnovate raised about $2 million in fresh funding from angel investors to expand its wealth management business and technology platform.
2. What will Finnovate use the money for?
The company will use the funds for its PMS licence, app and tech upgrades, marketing, business development, and launching a multi-asset PMS strategy.
3. Why is this funding important?
It supports Finnovate’s shift toward advisory-led wealth management and helps the startup scale after its earlier $1 million raise in 2023.