PowerUp Money, a wealthtech business, has raised $12 million from Peak XV Partners and other sources

Bengaluru-based wealthtech startup PowerUp Money has raised $12 million in a new funding round led by Peak XV Partners, with participation from existing investors Accel, Blume Ventures, and Kae Capital.

Peak XV Partners invested $7 million, while the remaining $5 million came from current backers. This marks the startup’s second funding round, after it raised $7 million in June in its first institutional fundraise.

Founded in 2024 by Prateek Jindal, former cofounder of Uni Cards, PowerUp Money provides mutual fund advisory services to retail investors. The funding comes amid rising investor interest in India’s wealthtech sector, following the successful IPO of Groww.

The startup currently offers free evaluation of mutual fund portfolios, while planning to charge fees for advisory services. According to Jindal, 25,000 users have already subscribed, and the platform serves around 500,000 customers, managing Rs 12,500 crore in assets under management (AUM) for paid subscribers.

PowerUp Money has secured a Registered Investment Advisor (RIA) licence, allowing it to offer paid advisory services. The platform employs relationship managers and a centralised portfolio management team, targeting investors with Rs 20 lakh to Rs 2 crore in investable wealth.

The fresh capital will be used to strengthen research and advisory teams, accelerate user acquisition, and launch new products for different customer segments. Over the next three years, the company aims to reach 10 million users and one million paid subscribers.