Wealthtech startup Stable Money raises $20 million in round led by Nilekani's Fundamentum Partnership
Stable Money, which provides
digital fixed-return investment
products, has raised $20 million (Rs 173 crore) in a funding round led by
Infosys
cofounder
Nandan Nilekani
's
Fundamentum Partnership
.
Existing backers Z47, RTP Global and Lightspeed, along with Aditya Birla Ventures, also participated in the round.
The Bengaluru-based company will use the fresh capital to expand its suite of wealth products and accelerate
customer acquisition
by strengthening its distribution, cofounder Saurabh Jain told ET.
'In the last four or five years, most of the investments have come into categories like mutual funds, stocks and crypto, and they have seen massive growth. Everybody thought that was the opportunity for India,' Jain said.
'But there is a larger segment, which is currently under-tapped. That's when we started with fixed deposits (
FDs
), and I think that segment has given us a lot of love and volumes, which is very surprising, even to us,' he added.
Users can create FDs on the platform starting at Rs 1,000, Jain said.
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Jain previously served as CEO of Navi Mutual Fund and held leadership roles at
Swiggy
. His cofounder, Harish Reddy, was formerly with the broking firm Estee.
The company plans to onboard at least eight new banks and non-banking finance companies (NBFCs) in 2025. It currently has partnerships with around eight banks and two NBFCs. It also aims to broaden its marketing efforts to target underserved investors in tier-II and tier-III cities.
As per its mobile application, banks currently integrated on the platform include IndusInd Bank, South Indian Bank, Slice Small Finance Bank, Ujjivan Small Finance Bank, Unity Small Finance Bank, and Suryoday Small Finance Bank.
Stable Money had earlier raised $20 million across multiple rounds from investors, including Z47, Lightspeed, RTP Global, and Marshot, as well as angel investors such as Swiggy cofounder Sriharsha Majety and Titan Capital's Kunal Bahl and Rohit Bansal.
Since its launch in 2022, Stable Money has onboarded more than 150,000 users, who have invested in FDs and bonds, taking its total assets under management (AUM) to over Rs 3,000 crore.
The company noted that FDs remain India's most popular financial product, with over 230 million Indians holding them. The category continues to grow at the rate of 12% annually.
In addition to FDs, Stable Money also offers investment products such as recurring deposits (RDs), secured credit cards, and bonds on its platform.
While platforms such as Groww and Zerodha offer FDs, sovereign gold bonds (SGBs), and other fixed-income products as part of broader investment portfolios, several fintech players have also recently launched FD offerings. For instance, Flipkart-backed Super.money launched its FD product in November 2024, while payments firm MobiKwik rolled out instant FDs on its app last year.
'Stable Money is reimagining savings by building a highly trusted, digital-first fixed-income investment platform. They've blitzscaled from zero to over Rs 3,000 crore in AUM and have demonstrated 40% growth over the last three months. The team has democratised access to fixed-income products and built incredible customer love along the way,' said Mayank Kachhwaha, principal at Fundamentum.
Vikram Vaidyanathan, managing director at Z47, added: 'We are seeing a generational shift in how Indians approach wealth, with a cohort of investors prioritising long-term compounding of savings over short-term gains. Stable Money has built deep trust in fixed-income products through a combination of user education, access, and a superlative consumer experience.'
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