Finnovate Monetary Providers has raised about $2 million from a bunch of angel investors, because the wealth administration platform seems to be to broaden its investment choices.

The startup mentioned the funding follows its receipt of a Portfolio Administration Providers licence from the SEBI.

The recent capital has been deployed in the direction of securing the licence, scaling operations, strengthening Finnovate’s cell software and expertise infrastructure, and increasing advertising and enterprise improvement initiatives.

“This newest spherical marks an necessary milestone in our progress journey. The continued backing from traders reinforces our perception that advisory-led wealth administration will play a pivotal function in shaping the way forward for investing in India. The recent capital strengthens our capability to scale operations, speed up product innovation, and broaden our market presence,” mentioned Nehal Mota, co-founder of Finnovate Monetary Providers.

Based by Nehal Mota and Naveen Singh, Finnovate supplies monetary planning and wealth administration providers for professionals and households.

The startup beforehand raised about $1 million in a pre-Collection A funding spherical in 2022. It plans to make use of its advisory-led mannequin, expertise capabilities and new PMS licence to broaden its funding options.

India’s wealth management business has seen rising demand for professionally managed funding merchandise, supported by rising retail participation in capital markets and growing monetary consciousness.