Stable Money, a wealth-tech startup, has successfully secured $5 million in its seed funding round. The funding round was led by notable investment firms, Matrix Partners India and Lightspeed. Additionally, esteemed participants such as Titan Capital, Mar Shot Ventures, and well-known angel investors also contributed to this funding phase.

During a conversation with CNBC-TV18, Saurabh Jain, one of the Co-Founders of Stable Money, shed light on the company's plans for the newly acquired funds. Jain emphasised that the capital injection will play a pivotal role in several key areas. Firstly, it will be channeled towards bolstering the recruitment of experienced senior leaders. Secondly, the funds will be instrumental in establishing valuable financial partnerships. Thirdly, the company aims to enhance its technological infrastructure. Notably, Stable Money has ambitious plans to develop a user-friendly mobile application that will facilitate diversified fixed-return investment opportunities for its users.

“Hiring wise there are four key buckets in which we are looking at hiring. One bucket is on the product side, we want to build a world class product for the investors who are used to using products like Swiggy, Zomato and Zerodha kind of products. The other bucket is engineering- we are very particular about data security and safety of the retail investors data. The third bucket is focused on the investment products, so we are building products which are unique to the retail investor and was till now only open for top 1 percent of India’s wealthy investors. Fourth bucket is on the partnership side, we are looking at around 10 financial institutes to partner by this year end and this number will go up to 25 partnerships by next year end. So these are the four key pillars on which we are looking at hiring,” Jain said.

Established in 2022 by the collaborative efforts of Mallu Reddy Harish and Saurabh Subhash Jain, the startup provides individuals with reliable fixed-income investment options. The platform facilitates a comprehensive exploration of fixed deposit interest rates from a vast array of over 200 prestigious banks.

Jain also underlined the company's ambitious objective of becoming India's foremost online platform for booking fixed deposits within the next year.

Moreover, SellerApp, an early participant in the Open Network for Digital Commerce (ONDC), has onboarded more than 1,500 sellers on the open network. The list of onboarded sellers includes prominent consumer packaged goods (CPG) brands like Red Bull and Mother Dairy. During a discussion with Aishwarya Anand, Brij Purohit, one of the co-founders, articulated that various segments, including self-help groups, female entrepreneurs, and local sellers (mandeshis), have reaped significant benefits from their engagement with ONDC.

Additionally, Rebel Foods, originally recognised for its popular Quick Service Restaurant (QSR) outlet Faasos, is now betting big on its food court model through its brand EatSure, which operates both online and offline. The company boasts an impressive portfolio of brands such as Behrouz Biryani, Oven Story, and Lunch Box. Notably, Rebel Foods is on track to achieve profitability at the company level within the span of a year.

Sagar Kochhar, Co-Founder of Rebel Foods, elaborated on the rationale behind the company's strategic pivot towards the offline model, indicating a shift in the company's operational direction.

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