Wealthtech platform Pickright Technologies has raised $200,000 from Mumbai Angels Network, JITP Angel Network and other investors. The AI-powered company plans to use the fresh funds to drive marketing efforts, design new technologies, and create awareness on the significance of investing right and early. Part of the capital will also go to manage finances and diversify investments for millennials across direct and indirect assets.
Nandini Mansinghka, Co-Promoter and CEO of Mumbai Angels Network said: “Wealth creation, especially for today’s millennials, is integral to ensure they have financial backing amidst this uncertainty looming over the world and for their post-retirement. Pickright Technologies has been committed to help enhance their assets and investments and we believe that our collective investment will help the platform scale-up and cater to more customers. This capital infusion is a testament to Pickright’s expertise in the wealth creation area and its constant innovation through tech-driven methods.”
Founded by Archana Elapavuluri and Namandeep Bhatia, Pickright positions itself as a wealthtech platform for the digitally native masses. The marketplace for stock market investors and advisors enables users to organise finances by saving and investing smartly across asset classes with the help of AI and ML-powered deep personalisations. Pickright’s AI tracks and monitors every stock activity in real-time, and assists investors or users to maximise their investments.
Co-Founder and CEO Archana said, “The world is going through an extremely challenging time with rampant uncertainty, and we are staring into a pension-less future with the erosion of interest rates and growing inflation. This is the right time for people, young and old, to take a step towards wealth creation. Every penny counts.”
Last year, the company completed its Series A round of financing, raising $175,000 from 100x VC, and angel investors from London, Singapore and India. At present, Pickright Technologies is working with different discount brokers and 30,000 users.
Arun Thukral, deal lead for the funding round, said, “I am delighted to be associated with Pickright Technologies’ growth story. I strongly believe in their proposition as an AI-enabled app offering curated, diversified portfolios across asset classes with single-click execution. Pickright is the ideal solution for digital native users to assist with micro saving, planning, and investing right.”