In Bengaluru, India, a busy fintech hub, a startup is quietly changing the way millions of Indians think about making money. Saurabh Jain and Mallu Harish Reddy started Stable Money in 2022. It has since become a leader in the wealthtech space by providing a digital platform for fixed-return investments like fixed deposits (FDs), bonds, and debt mutual funds. Stable Money is changing India’s financial landscape, one safe investment at a time, with the goal of making safe, predictable investment options available to everyone.
The Beginning of Stable Money
Two experienced professionals saw a hole in India’s investment market and started the story of Stable Money. Saurabh Jain, who used to be the CEO of Navi Mutual Fund and went to Swiggy, knew a lot about financial products and how people act when they buy things. His co-founder, Mallu Harish Reddy, who used to work for the brokerage firm Estee, had the same goal: to make fixed-income investments easier for regular people. They both knew that equity markets and mutual funds were the main areas of fintech innovation, but fixed-return products like FDs, which people love for their safety and simplicity, had not changed much.
Jain told The Economic Times that “India as a country still understands fixed-return products.” “We wanted to focus only on this area because there hasn’t been much new development there.” There were more than ₹65 lakh crore worth of FDs in India, so the market was ready for a digital-first approach that would make these tools easier to use and more accessible.
Stable Money was created with a clear purpose: to give investors, especially those who are new to wealthtech, a clear, safe place to grow their money with confidence and predictability.
Creating a platform with a digital-first fixed return
Stable Money, which started in 2023, was the first digital fixed-return investment platform in India. It made it easy to invest in FDs, bonds, and other low-risk assets. The platform brings together FD options from more than 200 banks and non-banking financial companies (NBFCs). This lets users compare interest rates, terms, and features without having to open multiple bank accounts. Its easy-to-use mobile app, which is supported by partnerships with banks like Utkarsh Small Finance Bank and Shriram Finance, has made investing as easy as a few taps on a phone.
Stable Money is different because it focuses on new ideas in an asset class that has been around for a long time. Modern investors who want flexibility and convenience will like features like instant FD withdrawals, a 7-day trial FD, and FD-backed secured credit cards. The Switch FD feature lets users change their investments based on changes in the market, and the platform’s financial literacy content teaches users how to make smart choices.
In early 2024, Stable Money got an Online Bond Platform Provider (OBPP) license from the Bombay Stock Exchange (BSE). This allowed it to offer corporate and government bonds. The product has grown by 100% every month since it started a beta test for corporate bonds in September 2024. This has drawn in conservative investors who are willing to take on a little more risk for better returns.
A meteoric rise backed by strong funding
Investors and venture capitalists have both liked what Stable Money wants to do. The startup has raised $40.2 million in three rounds of funding since it started, which shows that people have a lot of faith in its business model.
In August 2023, Matrix Partners India and Lightspeed led a seed round that brought in $5 million for the company. Other investors included Titan Capital, Mar Shot Ventures, and angel investors like Sriharsha Majety of Swiggy and Kunal Bahl and Rohit Bansal of Snapdeal. The money was set aside to hire senior leaders, develop technology, and build financial partnerships.
In July 2024, Stable Money raised $15 million in a Series A round led by RTP Global and Z47. Lightspeed and Matrix Partners also put more money into the company. The startup was worth $55 million after the money came in. It used the money to grow its user base and improve its products.
In May 2025, a $20 million Series B round led by Nandan Nilekani’s Fundamentum Partnership and Aditya Birla Ventures put a value of $125–130 million on Stable Money, which was 2.5 times its previous value. The money is helping to grow the product, open up new offline distribution channels, and strengthen ties with banks and NBFCs.
The people who support the startup say it can take advantage of India’s growing interest in wealthtech. Mayank Kachhwaha, principal at Fundamentum, said, “Stable Money is reimagining savings by building a highly trusted, digital-first fixed-income investment platform.” “They’ve gone from zero to over ₹3,000 crore in AUM in a short amount of time and have shown 40% growth in the last three months.”
Effect and Growth
Stable Money has signed up more than 20 lakh users since its soft launch and manages ₹3,000 crore in assets across FDs and bonds. Its focus on first-time wealthtech investors has struck a chord, especially with people who are worried about how the market changes. “We are getting users who are new to wealthtech investing. “This group doesn’t want negative returns; they want trust and predictability,” Jain told Moneycontrol.
Customer stories on the platform show how it works in the real world. For example, Bismay Sahoo, a PhD student from Odisha, uses Stable Money’s FDs to save for school abroad because they are easy to get to. This shows how the platform can help people with different financial goals.
Stable Money is also trying out new things, like debt and gold mutual funds and loans against FDs. Jain thinks gold mutual funds are a good option because the government is cutting back on Sovereign Gold Bonds. He likes that they are tax-efficient and offer SIP options. The company wants to grow its FD AUM to ₹10,000 crore by June 2026 and take 2–3% of India’s annual FD market growth.
Problems and the Path Forward
Stable Money is doing well, but it has to compete with wealthtech platforms like Grip, Wint Wealth, and InCred Money, as well as bigger fintechs like Groww and Zerodha, which offer FDs and other products. Stable Money stands out in a crowded market because it only focuses on fixed-return investments.
The startup is also trying to figure out how to expand its offline distribution to reach smaller cities and towns, where many potential investors still want to meet in person. As the company grows, hiring experienced workers and keeping a great digital user experience are still top priorities.
Stable Money wants to grow its network of partners, offer curated mutual funds, and keep coming up with new ideas in the fixed-income space. Its upcoming tour of India, which will include workshops and conferences in more than 15 cities, is meant to raise awareness about fixed-income instruments and show its commitment to empowering people financially.
A Secure Future for Making Money
The fact that Stable Money went from being a small startup to the leader in fixed-return investments shows how well the founders executed their vision. The platform is giving millions of Indians the tools they need to build wealth with confidence by combining technology, trust, and ease of use. Vikram Vaidyanathan of Z47 said it well: “We are seeing a generational shift in how Indians approach wealth, with a group of investors putting long-term compounding of savings ahead of short-term gains.”
Stable Money is ready to become India’s go-to platform for fixed-income investments because it has a lot of money coming in, a growing user base, and a clear plan for the future. Stable Money is the answer for investors who want “pretty good returns for a long time” instead of “excellent returns for a few years.”
