Synopsis
The round will be led by Nandan Nilekani-founded Fundamentum, with participation from Peak XV Partners, Z47 (previously Matrix Partners India), and RTP Global. Earlier in February this year, it had raised $25 million in a round led by Peak XV Partners. Post-fundraise, the Bengaluru-based fixed-income investment startup will be valued at $275 million.The round will be led by Nandan Nilekani-founded Fundamentum, along with participation from other existing investors, Peak XV Partners, Z47 (previously Matrix Partners India), and RTP Global.
This round comes on the back of a $25 million round raised by Stable Money in February this year. That round was led by Peak XV Partners.
“The round has pushed up the valuation of the startup to $275 million, compared to $175 million earlier this year,” said one of the people in the know.
Emailed queries to Stable Money, RTP Global, Fundamentum and Z47 went unanswered. A Peak XV Partners spokesperson confirmed their participation in the round.
Stable Money offers fixed deposits and corporate bonds. The company works with 13 banks to offer fixed deposits and operates as a licensed online bond platform provider to distribute listed corporate bonds.
Founded in 2022, Stable Money has raised $65 million till now. Once closed, this round will add to its equity war chest. In 2025, the startup last raised $20 million in a round led by Fundamentum Partnership and others.
Stable Money was founded by Saurabh Jain and Harish Reddy. Jain was the chief executive of Navi Mutual Fund, while Reddy was a top executive at an algo trading firm, before they started Stable Money.
Speaking with ET in February 2026, Jain had said that the company would use the funds to grow the business and expand into new products.
While the wealthtech ecosystem is getting a lot of investor attention, Stable Money has managed to stand out by using fixed deposits as a hook to acquire customers.
“They are using FD as a hook, and eventually the target is to sell multiple financial products to its clients, just like Groww built its business model around direct mutual funds,” said an investor who has looked at these startups closely.
Stable Money closed FY25 with total revenue of Rs 112 crore and a net loss of Rs 45 crore.
