EarnWealth raises $500K in Pre Series A
EarnWealth, a social commerce fintech startup, announced that it has raised Rs 3.5 crore in equity in a Pre Series A round led by a few Pune-based angels at a valuation of Rs 50 crore.
Founded by Rajesh P Nair in 2014, EarnWealth creates micro-entrepreneurs, called Mahalakshmi, in financial services.
Rajesh says financial products are complicated to understand. While fintech in India is witnessing a boom, most of the players have realized that a comprehensive digital journey for their customers is not possible. Hence the need for “phygital” journey (physical + digital) arises. That is what EarnWealth does. It provides an assisted journey to the customers of fintech players and enables them to complete the transaction, he added.
The company said it is looking to increase its Mahalakshmi micro-entrepreneurs network, launch more products, and collaborate with more financial institutions with the funding.
“Personal finance is a big opportunity in India and customers always prefer to buy from trusted sources. That is where our Mahalakshmi network will play a vital role and redefine the way financial products are sold in India,” he added.
EarnWealth began as a traditional B2B distributor for financial products. In 2020, this experience inspired the team to introduce the social commerce model for the distribution of personal loans, and it observed good traction.
To boost the growth at a lower cost, the company created a model called Mahalakshmi targeting the educated homemakers in the country to help them start their own financial consultancy. To help them get trained on customer acquisition, it has developed an android application called Kamate Raho.
At present, around 100 Mahalakshmis are already working on the platform, and with the help of the freshly raised funds, EarnWealth is targeting to add 10,000 Mahalakshmi in a year.
EarnWealth seems to be an interesting platform in the fintech space empowering several people across the country to start their financial consultancy businesses. I believe the company will soon emerge as a leading market player. My best wishes to the team of EarnWealth.Shishir Gupta, Founder and CEO, StartupLanes
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