Wealth management firm Waterfield Advisors has raised Rs 123 crore (approximately $14.6 million) in a fresh funding round led by Jungle Ventures. The latest investment pushes the company’s valuation to Rs 723 crore ($86 million), as per regulatory filings accessed from the Registrar of Companies.
The funding round involves the issuance of 10,92,362 preference shares at Rs 1,126 each. Jungle Ventures is contributing Rs 100 crore, while the remaining investment comes from CEO and co-founder Soumya Rajan and other notable investors such as Bharat Dhirajlal Shah, Vijay Singh, Bandi Vamsikrishna, Corel Traders, Parthasaradhi Reddy, Kekoo Colah, and Smita D Parekh.
According to sources, Waterfield Advisors aims to utilize the fresh capital for expansion, marketing initiatives, and overall corporate growth. While the current round stands at Rs 123 crore, reports suggest the firm is targeting a total of Rs 130 crore in funding.
Founded in 2011 by Soumya Rajan, Waterfield Advisors operates as a fee-based multi-family office and wealth advisory firm. The company is known for providing independent financial, investment, and succession planning services.
To date, Waterfield Advisors has secured over $25 million in funding, including $6 million from ultra-high-net-worth individuals and family offices. Data from TheKredible indicates that Jungle Ventures will emerge as the largest external shareholder with a 13.83% stake, while co-founders Soumya Rajan and Sanjay Teli will collectively hold 40.07% of the company.
Waterfield Advisors has demonstrated significant financial growth, reporting a 33.2% year-on-year revenue increase to Rs 45.7 crore in the fiscal year ending March 2024. Additionally, the company has managed to reduce losses by 9.5%, bringing them down to Rs 28.6 crore.
The Indian wealthtech sector has been experiencing a surge in investments, with startups such as Neo, Dezerv, Centricity, Stable Money, Fisdom, Univest, InvestorAi, and Wealthy securing over $200 million across 13 deals since October 2023. Reports indicate that Centricity and Stable Money are actively seeking further investments, while Smallcase is gearing up for a major funding round.