Zerodha-backed Rainmatter Investments has acquired a majority stake in digital pension app PensionBox through a mix of primary and secondary transactions for $2 million.

PensionBox founder Kuldeep Parashar said the fresh capital, along with earlier investments, will support the company’s scaling plans over the next one to two years. He declined to disclose the valuation.

According to filings accessed by Entrackr, Zerodha acquired a 51% stake in the Bengaluru-based startup, providing a complete exit to early investors including 100X.VC, SAT Industries, Keynote Capital, LetsVenture, and a group of angel investors. The transaction was confirmed by Parashar.

Founded in 2021 by brothers Kuldeep Parashar and Shivam Parashar, PensionBox is a PFRDA-regulated digital pension platform that helps individuals and companies manage National Pension System (NPS) accounts. The platform enables instant account opening, investment tracking, SIP contributions, and automated Corporate NPS, offering a faster alternative to traditional pension processes.

Following the acquisition, the founders will collectively retain a 48% stake in the company.

In a conversation with Entrackr, Parashar said PensionBox will focus on the corporate NPS segment under the partnership, while Zerodha’s Coin will serve retail users. 

Neelesh Verma of Zerodha said Rainmatter does not interfere in founder decisions and invests only with alignment of vision. PensionBox will operate independently across retail and corporate segments, while Zerodha will focus on fixed income products such as NPS, fixed deposits, and mutual funds.

For the fiscal year ended March 2025, PensionBox reported operating revenue of Rs 1.75 lakh against expenses of Rs 77 lakh, resulting in a net loss of Rs 75 lakh.

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