Look At Primary vs. Secondary Capital
Before we look at how to find people who got funding and have cash…
we need to define WHO we are looking for and IF they have cash
Most funding rounds reported in the media are Primary Capital.
This means investors bought new shares, and the money went to the company’s balance sheet. The founder owns a smaller percentage of a more valuable company, but their bank balance hasn't changed.
Which we assume most wealth management companies already know, but this also means it’s easy for them to disregard any funding announcements…
But there’s something you must look into.
What you must look for are Secondary Transactions.
This is when an investor buys shares FROM the founder or early employees. The money goes directly to the individual.
The problem is most news outlets rarely highlight this distinction in the headline.
Irrespective of whether it’s a primary or secondary transaction - they shout "$20 Million Raised!” - This again is understandable because ticket size and valuations pull in more eyes than saying whether it’s a primary or secondary transaction
But for us - it’s important,
To find the details - you have to dig into the fine print, or the MCA filings, to see if $2 Million of that was a secondary exit for the promoter.
If you pitch a founder who just raised Primary Capital, you are asking them to invest money they don't have. It’s a quick way to lose credibility.
Here are 2 methods to do it and you’ll love the second method, guaranteed.
Method 1: Find It Manually (Free but Slow)
If you don't have a specialized tool, you can still find these leads, but it requires a rigorous manual workflow.
1. Set Up Specific Alerts
Set Google Alerts for keywords that signal personal liquidity:
"ESOP Buyback"
"Secondary Sale"
"Partial Exit"
"Promoter Stake Sale"
"SME IPO"
2. MCA Deep Dive
When you see a funding announcement, go to the Ministry of Corporate Affairs (MCA) portal. Look for the SH-7 (Increase in Authorized Capital) or PAS-3 (Return of Allotment) forms.
Check if existing shares were transferred (Secondary) or new shares were minted (Primary).
This is the only way to be 100% sure if cash changed hands personally.
3. Track SME IPOs
This is an overlooked goldmine.
While everyone chases the big tech unicorns, dozens of traditional businesses (manufacturing, textiles, chemicals) list on the BSE/NSE SME platforms every month.
These promoters often dilute 25% of their equity.
Unlike tech founders who reinvest everything, traditional business owners often take significant cash off the table during an IPO.
The Cost of Manual Research:
We’ve timed this. Properly vetting one funding news item, checking the news, verifying the founder, and digging through MCA filings, takes about 30 to 45 minutes per lead.
If you track 30 leads a week, that’s nearly a half a week and half month lost to research.
Method 2: The Automated + Cost Effective Way (Affluense AI)
We built Affluense because we realized that most B2B sales tools that wealth managers tend to first use (like Apollo, Lusha, Rocketreach, etc) are not specifically built for wealth managers.
This is because they rely on "Company Revenue" as one of the primary filters while “Personal Liquidity." is usually not there
1. Tracking Secondary Transactions & Buybacks
Our system is up 24x7x365 and analyzes the nature of all liquidity events that hit the market.
Did the founder sell a stake?
Was there an ESOP buyback for early employees (CTOs, VPs)?
Affluense flags these specifically, so you find the prospects who actually have investable surplus.
Read our detailed guide on tracking liquidity events for wealth managers
2. Uncovering Non-Tech Wealth (PE & SME)
Tech startups get all the press, and so it’s easy to miss out traditional industries that create massive wealth in India.
Affluense tracks Private Equity (PE) buyouts and SME IPOs - markets that are still good opportunities for wealth management firms
3. Contextualized Outreach Data
Affluense pairs every verified HNI lead with the context that actually matters for you to get positive replies when you reach out to them.
You need to know the source of their wealth and how they are as a person, which will easily get you more closes.
See it in action: Find verified HNI leads with recent liquidity events on Affluense
Frequently Asked Questions
Q: Should I target employees of funded startups too?
A: Only if there is a confirmed ESOP Buyback. Just because a company raised Series C doesn't mean a founding member, example - VP of Engineering has cash. Paper wealth is not investable assets. Wait for the buyback news, Affluense tracks this specifically.
Q: How accurate is the "Liquidity" signal?
A: It is an estimation based on public filings and deal structures. While we can't see their bank account, tracking secondary stake sales is the strongest proxy for "cash in hand" available in the public domain.
Q: Why not just use Crunchbase or Tracxn?
A: Those are excellent tools for Venture Capitalists looking to invest in startups. They are not designed for Wealth Managers looking for wealthy individuals. They will show you every seed round (Primary capital), clogging your pipeline with leads that have no personal liquidity yet.
Q: Is it legal to use this data for outreach?
A: Yes. You are using publicly available information (news, filings) to identify a business opportunity. The key is relevance. Reaching out to someone who actually has a need (liquidity management) is helpful; spamming everyone who made the news is a nuisance.
Start Closing More Deals With HNIs
Affluense helps you
Filter for Secondary Transactions & Buybacks.
Discover hidden wealth in SME IPOs and PE deals.
Get verified personal emails to bypass the corporate gatekeeper.
Feb 13, 2026
Look At Primary vs. Secondary Capital
Before we look at how to find people who got funding and have cash…
we need to define WHO we are looking for and IF they have cash
Most funding rounds reported in the media are Primary Capital.
This means investors bought new shares, and the money went to the company’s balance sheet. The founder owns a smaller percentage of a more valuable company, but their bank balance hasn't changed.
Which we assume most wealth management companies already know, but this also means it’s easy for them to disregard any funding announcements…
But there’s something you must look into.
What you must look for are Secondary Transactions.
This is when an investor buys shares FROM the founder or early employees. The money goes directly to the individual.
The problem is most news outlets rarely highlight this distinction in the headline.
Irrespective of whether it’s a primary or secondary transaction - they shout "$20 Million Raised!” - This again is understandable because ticket size and valuations pull in more eyes than saying whether it’s a primary or secondary transaction
But for us - it’s important,
To find the details - you have to dig into the fine print, or the MCA filings, to see if $2 Million of that was a secondary exit for the promoter.
If you pitch a founder who just raised Primary Capital, you are asking them to invest money they don't have. It’s a quick way to lose credibility.
Here are 2 methods to do it and you’ll love the second method, guaranteed.
Method 1: Find It Manually (Free but Slow)
If you don't have a specialized tool, you can still find these leads, but it requires a rigorous manual workflow.
1. Set Up Specific Alerts
Set Google Alerts for keywords that signal personal liquidity:
"ESOP Buyback"
"Secondary Sale"
"Partial Exit"
"Promoter Stake Sale"
"SME IPO"
2. MCA Deep Dive
When you see a funding announcement, go to the Ministry of Corporate Affairs (MCA) portal. Look for the SH-7 (Increase in Authorized Capital) or PAS-3 (Return of Allotment) forms.
Check if existing shares were transferred (Secondary) or new shares were minted (Primary).
This is the only way to be 100% sure if cash changed hands personally.
3. Track SME IPOs
This is an overlooked goldmine.
While everyone chases the big tech unicorns, dozens of traditional businesses (manufacturing, textiles, chemicals) list on the BSE/NSE SME platforms every month.
These promoters often dilute 25% of their equity.
Unlike tech founders who reinvest everything, traditional business owners often take significant cash off the table during an IPO.
The Cost of Manual Research:
We’ve timed this. Properly vetting one funding news item, checking the news, verifying the founder, and digging through MCA filings, takes about 30 to 45 minutes per lead.
If you track 30 leads a week, that’s nearly a half a week and half month lost to research.
Method 2: The Automated + Cost Effective Way (Affluense AI)
We built Affluense because we realized that most B2B sales tools that wealth managers tend to first use (like Apollo, Lusha, Rocketreach, etc) are not specifically built for wealth managers.
This is because they rely on "Company Revenue" as one of the primary filters while “Personal Liquidity." is usually not there
1. Tracking Secondary Transactions & Buybacks
Our system is up 24x7x365 and analyzes the nature of all liquidity events that hit the market.
Did the founder sell a stake?
Was there an ESOP buyback for early employees (CTOs, VPs)?
Affluense flags these specifically, so you find the prospects who actually have investable surplus.
Read our detailed guide on tracking liquidity events for wealth managers
2. Uncovering Non-Tech Wealth (PE & SME)
Tech startups get all the press, and so it’s easy to miss out traditional industries that create massive wealth in India.
Affluense tracks Private Equity (PE) buyouts and SME IPOs - markets that are still good opportunities for wealth management firms
3. Contextualized Outreach Data
Affluense pairs every verified HNI lead with the context that actually matters for you to get positive replies when you reach out to them.
You need to know the source of their wealth and how they are as a person, which will easily get you more closes.
See it in action: Find verified HNI leads with recent liquidity events on Affluense
Frequently Asked Questions
Q: Should I target employees of funded startups too?
A: Only if there is a confirmed ESOP Buyback. Just because a company raised Series C doesn't mean a founding member, example - VP of Engineering has cash. Paper wealth is not investable assets. Wait for the buyback news, Affluense tracks this specifically.
Q: How accurate is the "Liquidity" signal?
A: It is an estimation based on public filings and deal structures. While we can't see their bank account, tracking secondary stake sales is the strongest proxy for "cash in hand" available in the public domain.
Q: Why not just use Crunchbase or Tracxn?
A: Those are excellent tools for Venture Capitalists looking to invest in startups. They are not designed for Wealth Managers looking for wealthy individuals. They will show you every seed round (Primary capital), clogging your pipeline with leads that have no personal liquidity yet.
Q: Is it legal to use this data for outreach?
A: Yes. You are using publicly available information (news, filings) to identify a business opportunity. The key is relevance. Reaching out to someone who actually has a need (liquidity management) is helpful; spamming everyone who made the news is a nuisance.
Start Closing More Deals With HNIs
Affluense helps you
Filter for Secondary Transactions & Buybacks.
Discover hidden wealth in SME IPOs and PE deals.
Get verified personal emails to bypass the corporate gatekeeper.
