Bengluru-based fixed-return investment platform Stable Money has raised $5 million in a seed round led by Matrix Partners India and Lightspeed, with participation from Titan Capital, Mar Shot Ventures and other angel investors.
The round saw the participation of several investors, including Kunal Bahl and Rohit Bansal (co-founders of Snapdeal), Sriharsha Majety (co-founder and CEO of Swiggy), Sandeep Tyagi (chairman and MD of Estee Advisors), Abhishek Goyal (co-founder of Tracxn), Madhusudanan (co-founder of M2P Fintech), Ramakant Sharma (founder of Livspace), and Revant Bhate (CEO of Mosaic Wellness).
The investment platform is engaged in democratising the fixed return asset investments for retail investors, offering access to fixed deposits, debt mutual funds and bonds, along with low-risk asset classes that beat the effect of inflation on returns.
It is actively forging partnerships to establish collaborations with over 10 banks by the end of 2023, and integrate another 25 banks and RBI-regulated institutes by the end of 2024, Stable Money said in a statement. It said that the funds will be deployed to bolster senior leadership hiring, forge financial partnerships, build technology and develop a user-friendly mobile app for diversified fixed-return investment opportunities.
Commenting on the funding, Saurabh Jain and Harish Reddy, co-founders of Stable Money, stated, “While equities and mutual funds are readily available on various platforms, we recognise the lack of opportunities for fixed return products. Fixed deposits have long been the top choice due to their safety from market volatility, simplicity, and rising interest rates."
The duo stated that Stable Money aims to provide a secure portfolio that acts as a financial safety net during challenging times for Indian investors, offering safe investment options. "Our journey begins with fixed deposits, where we bring the advantage of the current five-year high interest rates," they added.