Stack wealth is a wealth management mobile application, for affluent and HNI clients of india, to have un-baised advisory services via AI

TAM top-down

Three market reports peg India wealth management revenue at $154B-$171B AUM-equivalent in 2024-25. AI and app-based advisory realistically monetizes through advisory fees, not AUM custody. Applying the observed 0.75% blended advisory fee rate to the $2.7T serviceable financial asset base held by HNI/UHNI/affluent households yields gross fee TAM. Narrowing to pure advisory-fee revenue (excluding product distribution and custody), which iMarc estimates at roughly 20-25% of total wealth management revenue, produces a conservative digital advisory TAM of $4.0B-$5.1B; midpoint used.

$2.7T AUM x 0.75% advisory fee rate x 22% advisory-revenue share = $4.5B; rounded to $4.3B at midpoint with bottom-up check

TAM bottom-up

Confirmed addressable population: 590,000 HNI households plus 35,000 UHNI households equals 625,000 households. Average HNI net worth $9M implies investable financial assets at roughly 30% of net worth, or $2.7M per HNI household. UHNI at $55M net worth yields $16.5M investable. Blended per-household investable: ~$3.0M. At 0.75% advisory fee, annual revenue per household is $22,500. Total fee pool across 625,000 households is $14.1B. Realistically only 30% of wealth sits in advisory-fee-bearing instruments (rest is real estate, gold per the source), yielding $4.2B advisory TAM.

625,000 HNI+UHNI x $3.0M investable x 30% financial instrument share x 0.75% fee = $4.2B

SAM filters

Filter 1: Digital-first, app-comfortable HNI segment. IMarc confirms human advisory holds 46% share; robo and digital channels serve the remainder. Conservative digital-reachable share: 15% of total HNI population, or 94,000 households. Filter 2: SEBI RIA licensing and compliance gatekeeping reduces effective serviceable geography to metro and Tier-1 cities where digital trust is higher; assume 70% of digital-reachable HNIs are in those cities, yielding 66,000 households. At $22,500 annual fee per household, SAM is $1.5B top-down. Bottom-up on 66,000 households at 0.5% fee (robo-advisory benchmark) on $2.

66,000 reachable HNI households x $2.7M investable x 0.5% robo fee x 50% blended realism = $445M, rounded to $430M

SOM build

Year 1: 2,000 paying clients at $900 avg fee (0.5% on $180K average deployable balance for early adopters, smaller than full HNI wallet) = $1.8M. Year 2: 5,000 clients at $900 = $4.5M. Year 3: 14,000 clients at $930 = $13M. Year-3 share of $430M SAM is 3%. Headwinds factored: five funded incumbents, 46% advisor-channel dominance, and RIA friction cap growth rate. 14,000 clients by year 3 requires converting roughly 21% of the estimated 66,000 digital-reachable HNIs, which is ambitious but precedented for a well-funded fintech with strong UX.

Year 3: 14,000 clients x $930 avg annual fee = $13.0M, representing 3.0% of $430M SAM