When Archana Elapavuluri entered the labor market, she immediately wanted to start investing — from his first salary. However, she couldn’t find a platform that would help her choose the right type of investment.
She explains: “Even today, the question is the same for most people: what asset class should you invest in based on your risk profile? Consulting professionals can be daunting, especially if the investable amount is small.
Archana discovered that there was a need for a platform that makes managing money effortless, easy and efficient by helping people invest in smart wallets. It would be like a personal financial assistant who manages the money and lets the client know where to invest, when to invest and how to invest.
Archana E and Namandeep Bhatia – founders of Pickright Technologies
This laid the foundation for Pickright Technologiesa Bengaluru-based wealth tech startup that she founded with former colleague Namandeep Bhatia in 2019. With expertise in AI and ML, Naman has previously developed scalable and practical fintech products.
Archana holds a master’s degree in computer science and worked at UBS in the United States and as an architect at a Silicon Valley startup that was later acquired by Oracle.
Financial assistant in your pocket
Pickright Technologies is a SEBI Registered Investment Advisor (RIA), which uses deeptech, artificial intelligence (AI) and machine language (ML) modules to build smart wallets on autopilot, regardless of investment size through its app and website.
Archana explains, “The platform offers a one-stop solution for retail investors where they can curate smart diversified portfolios integrated with all alternative assets like bonds, loans, insurance, gold, real asset tokens , etc., and direct assets such as mutual funds and stocks. For a user, Pickright is the window for their first step towards a journey of wealth growth and thereafter as well.
“Our goal is to be a financial assistant for users and enable them to better manage their finances. Our strategy is to work on a digital smart advisory platform and start partnering with as many players to commoditize wealth management and make it a daily habit,” she adds.
The AI/ML-based algorithm creates curated diversified portfolios for each user while allowing them to invest what they are eligible for, month after month, across all asset classes.
Its services include:
- Complete diversified ready-to-use portfolios called “Investpacks” composed of different asset classes like MFs, stocks, ETFs and cold.
- Rebalancing, management and monitoring at periodic intervals.
- Hyper-personalized wallets tailored for everyone.
- Ready-to-use portfolios for women and students for their investment journey.
- Smart advice for execution across all asset classes.
Its target audience are young people between the ages of 18 and 30, who are looking to start investing and learning how to generate additional income from investments. Pickright’s revenue model is subscription based.
According to Archana, the company is expected to reach $100,000 in revenue by the end of FY23 and will envision a growing user base of 10 lakh, inK user base and revenue of Rs 5.5 crore ( or $750,000) by FY24.
Naman takes care of the technology and processes, while Archana oversees the product roadmap, execution and growth.
While startups like INDmoney, smallcase and WealthDesk are in a similar space, Archana believes the market is big enough to have many players.
“Wealthtech is at a nascent stage; out of a population of 1.5 billion, only 2% invest and save. There is enormous potential for everyone to become great. Additionally, our strategy is to partner with as many players in each vertical and deliver a smart advisory platform,” she says.
Pickright has raised $375,000,000 so far and is looking to raise Series A in the next quarter. Naman and Archana started this business in the beginning, and in 2020, later increased their first round to 100X.VC.
In May 2021, he raised $200,000 in a funding round led by JITO Angel Network (JAN). Mumbai Angels and a consortium of other angels also participated in this funding round.
Being a digital-focused company with no operating overhead, Archana says the pandemic has had very little impact on the business.
“In fact, COVID-19 has actually helped raise awareness about financial stability and how we need to prepare for uncertainty. It’s been a wake-up call for many and we’ve seen an increase in nearly 100% more people opening dematerialized accounts, taking out insurance and, of course, an increased focus on health and fitness,” she adds.