Vested Finance, a platform for investing in US stocks for Indian investors, said it has racked up $12 million (around Rs 91.2 crore) in a Series A funding led by Ayon Capital.
The round also saw participation from new investors including 9Unicorns, Ankur Warikoo (ex-CEO at Groupon India), Dhruvil Sanghvi (CEO at Loginext) and Saumil Parekh (VP of Marketing at PharmEasy).
California-headquartered Vested was set up in 2018 by Viram Shah, Darwin Arifin and Eric Huynh.
Shah had worked as investment banker with JP Morgan, Darwin was with Intel and Huynh has a background in product creation.
The fresh funds will be used to scale the platform’s team globally and expand its product suite.
The firm has rolled out Vested Direct that cuts the fund transfer costs with zero transaction fees and a fixed forex markup of 1.2%, one of the lowest in the industry.
“We want to enable investors across the globe to access global wealth creation opportunities in an easy and cost-effective manner. The growth that we have seen over the years is testimony to the interest of Indian investors in investing in the US markets,” said Viram Shah, Co-Founder and CEO, Vested Finance.
“For Ayon, leading this new round was an easy decision. Vested is an integral part of Ayon's plan to provide a diversified suite of products for the large and growing Indian investor community to preserve and build their wealth,” said Rahul Pagidipati, Managing Partner, Ayon Capital.
Vested Finance claims to have processed more than $250 million in transactions in 2021 and also tripled the deposits on the platform in 2021. The firm has 35 partners in India, including the likes of Axis Securities, Kuvera, Angel Broking, and 5Paisa.
Meanwhile, Ayon Capital is a single-family office that manages a portfolio of companies and investments focused on healthcare and technology. It was incorporated in 2009 and is based in Ocala, Florida.
Last year in February, Vested Finance raised $3.6 million in a seed round from Moving Capital, Ovo Fund and TenOneTen, Inflection Point Ventures and Venture Catalysts.
In July 2019, Venture Catalysts invested an undisclosed sum in Vested Finance. The round was part of Vested Finance Inc.’s pre-seed fundraise.
