StockGro, a social investment platform, has raised $5 million in a pre-Series A round, led by Roots Ventures and Velo Partners.
The Bengaluru-based company will use the funds to grow its user base, hire tech talent, and build new features.
In December, StockGro had raised around $1million in an angel round of funding from unicorn founders – Kunal Shah of Cred, Vivekananda Hallekere of Bounce, Rahul Garg of Moglix, and Ramakant Sharma of Livspace
Founded in January 2020 by Ajay Lakhotia, a former venture capitalist, StockGro is Asia’s first social investment platform with a gamified virtual interface that enables users to discover trading strategies, compete and interact with some of the country’s best minds. It aims to help people learn and participate in stock markets. With more than 1 million of user base, StockGro has over 80% month-on-month retention.
Lakhotia said, “Our culture, our education system teaches us how to save money but no one teaches us how to invest money. At StockGro we are on a mission to make Millennials investment ready. With over 1 million active users on the platform within 9 months of launch StockGro has become the primary social investment platform for the millennials. Global investors aligned to our vision have come on-board to support us in democratising investments for the next generation.”
The platform allows ordinary individuals to initiate their investment journey without taking any risk and get rewarded for building the best investment portfolios. Best performing traders and investors win award money, gaining followers and become popular socialising their investment strategies and thesis.
StockGro now has leading fund managers, F&O traders, and algo traders driving their social groups, helping users learn various trading strategies and test their thesis on StockGro platform.
Over the last nine months, StockGro has become the primary platform across the 105-B Schools and colleges to learn trading and investment.
Source: Mint