Exclusive: Peak XV Alum Saksham Mittal’s Corpus Labs In Talks To Raise Funding From Stellaris

Former Peak XV Partners analyst Saksham Mittal’s wealthtech startup Corpus Labs is in talks to raise pre-seed funding from Stellaris Venture Partners, sources told Inc42. 

While Inc42 couldn’t ascertain the size and terms of the funding round, Corpus has disclosed on its website that it has raised $4.2 Mn in pre-seed funding. However, the website did not identify the investors who participated in the round. 

Mittal cofounded Corpus with former Groww executive Ayush Gupta and former JPMorgan executive Vineet Shukla. The startup was under stealth mode till now and its website went live recently.

Queries sent to Mittal and Stellaris Venture Partners did not elicit a response until the publication of this story. 

Corpus offers a financial analysis platform that reviews users’ mutual fund portfolios. Users can upload consolidated account statements from CAMS or KFintech or connect their financial data through the account aggregator framework, according to its website. 

The platform analyses this data to identify the cost difference between regular and direct mutual fund plans, overlap among funds, idle bank balances, realised and unrealised gains, and deviations from users’ asset allocation. 

Corpus also offers mutual fund performance data, a retirement calculator, and a tool for comparing income tax liabilities under the old and new regimes. 

However, the startup does not allow users to execute investments or other transactions through its platform. Corpus says its product is read-only, does not take custody of users’ money, and does not recommend specific funds for purchase. 

The website also says that the startup earns nothing from asset management companies (AMCs), brokers or insurers.

Mittal left Peak XV’s investment team in July, according to his LinkedIn profile. As an analyst at the VC firm, he was primarily associated with its seed-stage accelerator programme, Surge.

An IIT Kanpur alumnus, Mittal previously worked with the investment team at Avaana Capital. Before entering the VC space, he worked at ecommerce major Flipkart and social commerce startup Shop101.

Corpus is entering a crowded wealthtech market, where startups are building digital products for retail investors, mutual fund distributors, investment advisers, and affluent customers. These platforms offer services ranging from portfolio analysis and investment recommendations to wealth distribution and portfolio management. 

Investor interest in the sector has remained strong. Last week, wealthtech startup Centricity raised ₹280 Cr in a Series A funding round led by SMBC Asia Rising Fund. The round comprised ₹230 Cr in equity and ₹50 Cr in venture debt and valued the startup at around ₹1,800 Cr ($190 Mn).

Last month, Veriqus Group raised ₹387 Cr to build an integrated wealth and asset management platform with technology and AI at its core.    

At the heart of this push is India’s rapidly growing wealthtech industry, which is projected to become more than $95 Bn opportunity by FY30, driven by a new generation of digital-first investors.  

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