EarnWealth Solutions Raises 3.5 Cr In Pre Series A
EarnWealth started as a traditional B2B distributor for financial products and tasted success.
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EarnWealth, headquartered in Pune is India's First Social Commerce FinTech Founded by Rajesh P Nair in 2014, announced that they have raised 3.5 Crores in equity at a valuation of 50 Crores. Investment was led by few Angels in Pune.
Speaking on this, Mr. Rajesh P Nair, Founder & CEO, EarnWealth said that, With the funds raised, "We plan to expand our Mahalakshmi micro-entrepreneurs network, introduce more products and partner with more Financial Institutions. 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."
EarnWealth creates micro-entrepreneurs in financial services. Financial products are very complexed and difficult to understand. While FinTech in India is in a boom, most of the players have understood that a complete digital journey for their customers is not possible. Hence the need of PHYGITAL journey (Physical + Digital) arises. That is what EarnWealth does. We offer an assisted journey to the customers of these FinTech and help them to complete the transaction. This approach has helped us to get a 4.7 organic rating on playstore from our customers.
EarnWealth started as a traditional B2B distributor for financial products and tasted success. In 2020, this experience prompted us to introduce the social commerce model for distribution of personal loans and we witnessed good traction. To accelerate the growth at a lower cost we built a model called Mahalakshmi targeting the educated homemakers in India to help them start their own financial consultancy. To help them get trained on customer acquisition we have developed an android application called Kamate Raho. Currently around 100 Mahalakshmi are already on boarded and we have seen good traction despite the second wave of Covid. With the help of new funds, we will be targeting 10000 Mahalakshmi to be added in a year. All these Mahalakshmi are connected on our platform with an internal android application called Kamate Raho. We are enriching EarnWealth Partners App to give more products to our Mahalakshmi and help them earn more than 25000 a month by working for few hours daily as per their convenience.
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