Fintech startup Stable Money has raised $4.5 million in its Series A round led by Lightspeed and Matrix Partners. This is the maiden fundraise for the Bengaluru-based company.
Stable Money’s board has passed a special resolution to allot 53,592 Series Seed compulsory convertible preference shares (CCPS) at an issue price of Rs 6,996.37 each to raise Rs 37.5 crore or $4.53 million, as per its regulatory filings with the Registrar of Companies (RoC).
Stable Money intends to use the fresh funds to scale its operations, spread financial awareness, and other information technology related services, showed filings.
Lightspeed and Matrix Partners have co-led the round and invested Rs 18.75 crore each. As per Fintrackr’s analysis, the company has been valued at around Rs 135 crore or $16.5 million (post-money).
Stable Money also passed a resolution to create an ESOP pool comprising 19,80,600 options convertible into 19,806 shares worth nearly Rs 14 crore or $1.7 million.
Following this round, Lightspeed and Matrix hold 13.86% stakes each whereas co-founders — Saurabh Jain and Harish Reddy own around 62% of the company. Its ESOP pool reflects 10.24% of the cap table.
Founded in late 2022, Stable Money will help individuals grow their wealth over the long term by offering investment options that prioritise returns with safety and stability. As per details mentioned in filings, the company is involved in listing out various securities including financial products along with market analysis to help investors decision making and provides financial consultation services to investors. Stable Money also publishes financial literacy content on its online platform to create awareness among investors.
Matrix and Lightspeed announced their India dedicated fund in June and July last year. Since then, Lightspeed has backed BlueLearn, GlobalFair and Exponent Energy whereas Matrix invested in Saveo, Murf AI, XimKart, ZippMat, among others.
Source @Entrackr
