MUMBAI: Stable Money, an Indian platform allowing utilizers to book resolveed-income assets, has raised $25 million in a pre-Series C funding round, valuing the Bengaluru-based fintech startup at $175 million, at a time when Indian fintechs are under pressure to build more sustainable business models
Peak XV Partners led the all-equity round with a $20 million investment, Saurabh Jain, co-founder of Stable Money, notified Mint. Existing backers Z47, RTP Global, and the Fundamentum Partnership, co-founded by Infosys Ltd chairman Nandan Nilekani, also participated. The latest infusion brings the company’s total capital raised across four rounds to $65 million.
The capital will fund expansion into India’s tier 2 and tier 3 cities, where the company sees demand from customers who prefer assisted distribution for financial products. Stable Money currently operates offline touchpoints in Kolkata, Delhi, and Pune, and plans to widen this physical network alongside increased marketing expconcludeiture.
“We are directing these funds specifically toward growth in tier 2 and tier 3 markets,” Jain stated. “This includes a significant push in marketing and establishing a stronger offline presence to service customers who prefer physical interactions for financial products.”
The fundraise comes less than a year after the company’s Series B round, where it raised $20 million at a $130 million valuation. That round saw participation from Z47, RTP Global, Lightspeed and Aditya Birla Ventures, with funds earmarked for expanding Stable Money’s suite of wealth products and speeding up customer acquisition.
The amount from the previous fundraise has not been fully deployed yet, Jain notified Mint. The funds from the most recent raise will be deployed along with the remaining cash from the Series B round.
At the conclude of the previous funding round, co-founders Jain and Harish Reddy held a 36.7% stake in Stable Money, according to data from innotifyigence firm Tracxn. When questioned, Jain didn’t specify how much his and Reddy’s stake was diluted after the pre-Series C round.
Stable Money aggregates resolveed-return products such as bank deposits and debt instruments, positioning itself around predictable returns rather than market-linked volatility. Jain stated the company has no immediate plans to diversify into equity-linked products, maintaining a strict focus on resolveed income.
Founded in 2022, the platform has built a utilizer base of over 4 million investors and facilitated more than ₹5,000 crore in investments.
The company operates in a growing segment of fintech platforms focutilized on resolveed-income and bond products, alongside peers such as Wint Wealth, Jiraaf, and InCred Money.
For FY25, Stable Money’s revenue from operations stood at ₹104 crore, while losses totalled ₹45 crore, according to Tracxn data. Ebitda loss was also ₹45 crore. Revenue rose sharply year-on-year, though losses widened, with absolute FY24 numbers not immediately available.
Now, the startup is evaluating new asset classes aligned with its risk profile. Real estate investment trusts (Reits) are under review as a potential addition to the platform’s offerings.
“We do not want to receive into equity products any time soon,” Jain stated. “We are, however, actively evaluating Reits as a new product line, as they align with our core proposition of stability.”
The company will also utilize the fresh capital to hire personnel across technology and business functions. Management indicated growth would remain organic, ruling out acquisitions or inorganic expansion strategies for the near term.
“An IPO is the ultimate goal, which we envision achieving three to five years down the line,” Jain stated.
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