Raise Financial Services plans to set up technology led Consumer Financial Services; Announces its first round of financing.
- Aims multiple financial products across Financing, Insurance, Investments, Payments and Wealth
- Announces investment led by Mirae Asset Venture Investments, prominent Founders & CEOs of technology startups in India
- Raise plan to launch its first product in the second half of 2021
Raise Financial Services today announced its plans to set up technology led consumer financial services. The venture plans to introduce multiple products across Financing, Insurance, Investments, Payments and Wealth, its first product to be introduced in the second half of 2021.
The company also announced its first round of investment led by Mirae Asset Venture Investments, making its maiden investment from its India-focused early-stage fund.
The funding round saw participation from prominent technology founders & CEOs including CRED Founder& CEO Kunal Shah, Flipkart CEO Kalyan Krishnamoorthy, PhonePe Founders Sameer Nigam & Rahul Chari, Udaan Founders Amod Malviya and Sujeet Kumaar, People Group (Shaadi.com) Founder & CEO Anupam Mittal, Freecharge Co-founder Sandeep Tandon, Pine Labs CEO Amrish Rau, Jupiter Money Founder & CEO Jitendra Gupta, Freshwork Founder & CEO Girish Mathrubootham, along with slew of angels. Multi-Act Private Equity, Blume Ventures (via its Founders Fund) also participated in this round along with Howard Lindzon led US based early stage fund Social Leverage making its first investment in India.
“As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. We believe there exists a large opportunity in offering a better and differentiated experience with financial products to these users. Raise will focus on building tech led consumer services for 35 Mn+ tax paying citizens of India.” said Pravin Jadhav, Founder & CEO of Raise Financial Services.
“Indian financial services market remains under-penetrated and there is huge space for multiple product offerings to cater to this large market. Pravin has a track record of building exceptional products grounds-up and scaling them into massively valuable businesses. We believe in his vision to ‘Raise the bar’ of offering differentiated products and services in a very commoditised but underserved market and are excited to support Raise in this journey”, said Ashish Dave, Managing Partner & CEO of Mirae Asset Venture Investments.
Unlike taking a single product focus, Raise aims to build products & services centered around a specific audience and demographic – financially aware users in Metros & Tier 1 & 2 cities and towns. The company will utilise a large portion of this investment in setting up its teams, technology and infrastructure to launch its first product in this calendar year.
Raise Financial Services is founded by Pravin Jadhav, who has in his prior ventures built and scaled multiple startups in fintech, social and ecommerce. Raise aims to set up a team of 100+ with its base in Mumbai, and over the next 18-24 months plans to launch products across Finance, Insurance, Investment, Payments and Wealth.
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