Mirae Asset Venture leads seed round in former Paytm Money head’s venture

Raise Financial, a financial technology firm set up by former Paytm Money head Pravin Jadhav, has raised an undisclosed amount as part of its first round of financing.

The round in the Mumbai-based Raise Financial has been led by Mirae Asset Venture Investments, the company said in a statement. The bet on the startup is Mirae Asset Venture’s maiden investment from its India-focused early-stage fund.

A clutch of angel investors also took part in the round. These include CRED founder Kunal Shah, Flipkart CEO Kalyan Krishnamurthy, PhonePe founders Sameer Nigam and Rahul Chari, Udaan’s Amod Malviya Sujeet Kumar, and People Group founder Anupam Mittal.

Freecharge co-founder Sandeep Tandon, Pine Labs CEO Amrish Rau, Jupiter Money founder Jitendra Gupta, Freshworks’ Girish Mathrubootham, Multi-Act Private Equity, Blume Ventures’ Founders Fund, and the United States-based early-stage investor Social Leverage also took part in this round.

Raise Financial, operated by Raise Fintech Ventures Pvt Ltd, was set up earlier this year by Jadhav, who has worked in sectors including payments, fintech, and e-commerce. The company says it aims to build products and services centred around financially literate users in metros and Tier-I and Tier-II locations.

It is seeking to launch its first product in the second half of this year. The company will use the capital it has raised to set up a team of more than 100, and says it will launch a pipeline of products in verticals such as finance, insurance, payments, investments, and wealth over the next 24-36 months.