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The Plunge Daily raises Rs 56 cr in funding round led by Alpha Wave raises Rs 56 cr in funding round led by Alpha Wave

Funding News raises Rs 56 cr in funding round led by Alpha Wave

Bengaluru-based wealth management platform on Tuesday said it has raised Rs 56 crore in Series A round of funding led by Alpha Wave Incubation.

New investor Savrola Group and existing investors Venture Highway, Good Capital & Emphasis Ventures also participated in the round. “With the latest round of funding, plans to penetrate deeper into the Indian market as well as expand in international markets like the Middle East,” the company said in a statement.

Also read: IDFC First Bank raises Rs 1,500 cr in maiden tier-2 bond issuance

Founded by Aditya Agarwal and Prashant Gupta, claims that it is managing client assets worth USD 450 million. “For a long time, we have been known as a country of great savers but not great investors. However, we are seeing signs of a structural shift in the market, where investors want to manage their life’s savings through a diversified pool of products.

Through our tech-enabled platform and holistic offering, is well positioned to lead this market shift, Agarwal said. Good Capital managing partner Rohan Malhotra said that the company has grown 15 times since the last fundraise.

“According to our research, the element of human assistance is a globally proven model which catalyzes healthy investment returns while deploying meaningful capital at scale. We were also very impressed with the fact that is able to demonstrate industry leading monetization metrics, unit economics, and retention rates,” Alpha Wave Incubation managing director Anirudh Singh said.

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