Firm Secures $1.1 Million in Pre-Series A Investment for Growth in PMS Services and Enhanced Outreach to Wealthy Investors
The Indian Portfolio Management Services (PMS) market is experiencing a significant growth spurt, driven by increasing investor sophistication, regulatory support, and the rise of private wealth and high-net-worth individuals (HNIs).
According to recent data, the number of registered portfolio managers has grown from 361 in FY2021 to 479 by June 2025, while assets under management (AUM) for PMS stood at around Rs. 2.7 lakh crore in FY 2023–24. The Association of Portfolio Managers in India (APMI) aims to grow PMS AUM to Rs. 25 lakh crore within the next five years by expanding beyond metro cities to Tier 2 and Tier 3 cities and attracting affluent investors such as family offices and NRIs.
Among the players in this expanding market, Elever, an international franchise of our brand name Media, has raised USD 1.1 million in a pre-Series A funding round. The funding round involved investments from strategic partners and existing investors, including Brand Capital, the strategic investment arm of The Times of India Group.
Elever, registered with the Securities and Exchange Board of India (SEBI), offers quantitative, rule-based PMS strategies. According to Srini Vudayagiri, President and Head of Brand Capital, Elever is a frontrunner in the evolution of wealth-tech. Anshul Sharan, Co-founder and CEO of Elever, has announced plans to double down on the PMS offering.
Srini Vudayagiri stated that Elever leverages automation and factor investing to deliver consistent, risk-adjusted outcomes. The company aims to reach INR 1,000 crore in AUM within two years.
Elever launched Factorcapro PMS in July 2025, India's first PMS strategy aimed at providing monthly income and capital protection. The company's PMS strategies leverage factor investing to provide risk-adjusted returns.
With this recent funding, Elever's total funding now stands at USD 4 million. The company plans to raise a Series A round in the next 12 months. The funding will be used to expand Elever's PMS business, strengthen its brand presence, and deepen engagement with HNIs, founders, entrepreneurs, and next-generation investors.
The Indian wealth management market is projected to grow from USD 1.1 trillion in FY24 to USD 2.3 trillion by FY29, reflecting robust growth in wealth creation and investment demand. Factor-based PMS platforms like Elever are likely to benefit from these trends as clients seek more customized, technology-driven investment solutions aligned with their financial goals and risk profiles.
[1] India PMS market set to grow significantly
[2] India PMS industry: Key trends and opportunities
[3] India's wealth management sector to more than double in AUM by FY29
[4] India's PMS market: Growth, challenges, and opportunities
- The Indian Portfolio Management Services (PMS) market is predicted to keep growing significantly, potentially reaching USD 2.3 trillion by FY29, due to rising wealth creation and increased investment demand.
- Key trends and opportunities in India's PMS industry include the expansion beyond metro cities to Tier 2 and Tier 3 cities, targeting affluent investors like family offices and NRIs for growth, and adopting technology-driven investment solutions such as those offered by factor-based platforms like Elever.
- The Indian wealth management sector's assets under management (AUM) is expected to more than double in the next five years, reaching INR 25 lakh crore, thanks to regulatory support, increasing investor sophistication, and the growth of private wealth and high-net-worth individuals (HNIs).
- India's PMS market offers growth potential, faces challenges, and is ripe with opportunities for companies like Elever, which have raised funds and are committed to expanding their business, strengthening their brand presence, and engaging with HNIs, founders, entrepreneurs, and next-generation investors using technology-driven strategies.
