Wealth management platform Waterfield Advisorsis raising Rs 123 crore (around $14.6 million) in a new financing circular, driven by Jungle Ventures.

The company's board has endorsed an extraordinary determination to issue 10,92,362 inclination offers at an issue cost of Rs 1,126 each, raising Rs 123 crore ($14.6 million), concurring to its administrative recording accessed from the Registrar of Companies.

Jungle Ventures is driving the subsidizing circular with an investment of Rs 100 crore. The remaining sum is being contributed by co-founder and CEO Soumya Rajan, together with person speculators, counting Bharat Dhirajlal Shah, Vijay Singh, Bandi Vamsikrishna, Corel Traders, Parthasaradhi Reddy, Kekoo Colah, and Smita D Parekh.

The company plans to utilize the continues for development, development, promoting, and common corporate purposes, as decided by the board. Waterfield Advisors will be esteemed at roughly Rs 723 crore ($86 million) post-allotment.

The company is supposedly raising Rs 130 crore in this circular.

Founded in 2011 by Soumya Rajan, Waterfield Advisors may be a fee-based multi-family office and riches counseling firm, that guarantees impartial monetary, speculation, and succession planning services.

Waterfield advisors had raised over $25 million in financing to date counting $6 million from family workplaces, and ultra-high net worth people. Agreeing to the startup information insights stage TheKredible, Jungle Ventures will be the biggest outside partner with 13.83%. Its co-founders Soumya Jain at the side Sanjay Teli will in total hold 40.07% of the company.

Waterfield Advisors has recorded a 33.2% year-on-year increment in its income to Rs 45.7 crore within the fiscal year ended March 2024. Additionally, it overseen to diminish losses by 9.5% to Rs 28.6 crore in FY24.

Concurring to TheKredible, Indian wealthtech new companies such as Neo, Dezerv, Centricity, Stable Money, Fisdom, Univest, InvestorAi, and Well-off have secured over $200 million in subsidizing over 13 deals since October 2023. Reports demonstrate that Centricity and Stable Money are looking for extra subsidizing, whereas Smallcase is planning for a larger round.