Gurugram-based wealthtech platform Univest is in talks to raise $16 million in a Series A funding round, The Economic Times reported on Wednesday.
The round, which would comprise a mix of equity and debt, is likely to be led by Bertelsmann India Investments (BII), the strategic investment arm of German giant Bertelsmann SE & Co, the report said citing sources. The debt component, to the tune of $3 million, is expected to be contributed by venture debt provider Innoven Capital.
Post investment, Univest will introduce an advisory-first brokerage platform under a new entity named Univest Broking, the report added. Univest has two wholly-owned subsidiaries—Uniresearch, its research analyst arm; and Uniapps, its wealth advisory arm. Both are registered with the Indian markets regulator Securities and Exchange Board of India (Sebi).
A portion of the new funds will also be allocated to enhance the company’s marketing efforts.
Incepted in 2022 by Pranit Arora, Vikash Agarwal and Avnit Dhamija, Univest offers an investment ecosystem enabling influencers and investors to discover stocks, research, trade, share information and track stocks. It provides users with personalised investment recommendations based on their risk tolerance and financial goals.
Currently, Univest focuses on asset classes such as stocks, futures & options and commodities.
Univest last raised $1.5 million in seed funding in March 2023, co-led by Trinity Media Group, with contributions from notable investors like Akash Anand, Deep Bajaj, Jaspreet Batra, Ajay Pahwa, and Pritesh Talwar. In September 2022, the startup raised pre-seed funding worth Rs 3.8 core from angel investors.
