Wealthtech PMS Elever raises $1.1 million in funding; targets Rs 1,000 crore AUM in 2 years

Elever, a SEBI-registered Portfolio Management Services (PMS) firm, has raised $1.1 million in a pre-series A funding round to fuel its next phase of growth.

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The round saw participation from CXOs of global companies, Brand Capital (the strategic investment arm of The Times of India Group), along with existing investors and promoters. This latest round brings Elever’s total funding to $4 million to date.

Founded in 2020 by industry veterans Anshul Sharan, Karan Aggarwal, Ram Subramaniam, and Santosh R., Elever claims it leverages rule-based investing and machine learning to drive significant and sustainable alpha generation. The firm aims to achieve Rs 1,000 crore in AUM within the next two years.

The Bengaluru-based firm will use the raised capital to scale its PMS business, strengthen brand presence, and deepen investor engagement.

“We see Elever as a frontrunner in the evolution of wealth-tech, leveraging automation and factor investing to deliver consistent, risk-adjusted outcomes. Elever’s technology-led, rule-based approach to portfolio management reflects the future of investing in India. Their focus on data, discipline, and disruption aligns well with our belief in backing scalable, transformative fintech companies. We at Brand Capital are delighted to support their next phase of growth through our investment,” said Srini Vudayagiri, President & Head of Brand Capital.

India’s wealth management market is projected to grow from $1.1 trillion in FY24 to $2.3 trillion by FY29, with an unmet demand of $0.4 trillion, according to Deloitte’s ‘Financial Wealth Management Services in India’ report. In parallel, PMS AUM in India has nearly tripled since FY17, reaching around $445–450 billion by March 2025.

“This funding round comes at a pivotal time as we double down on our PMS offering. Backing from Brand Capital and leading CXOs validates our vision to make institutional-grade, factor-based investing accessible to individuals & family offices — both in India and abroad (NRIs/FPIs). This is not just capital — it’s strategic support to build long-term credibility and scale,” said Anshul Sharan, Co-founder and CEO of Elever.

In July this year, Elever launched Factorcapro PMS, India’s first PMS strategy designed to provide monthly income and capital protection, primarily targeting retirees & conservative investors.

Notably, Elever plans to raise a Series-A round within the next 12 months to further accelerate product innovation, distribution, and team expansion.