New Delhi, Jan 20 (PTI) Bengaluru-based social investment startup StockGro on Thursday said it has concluded a USD 32 million (around Rs 232 crore) funding round that was led by global investors, including Bitkraft Ventures, General Catalyst and Lightrocks co-founder Itai Tsiddon.
Existing investors such as Roots Ventures and Creed Capital Asia also participated in the round.
The funding also included a commitment for secondary financing for its early backers which would lead to multi-fold returns on their previous investments, StockGro said in a statement.
“StockGro plans to use the funding to tap into more markets, introduce new product offerings and aggressively ramp up its hiring across all functions,” the statement said.
Angel investors, including Base10 Capital Founders, Junglee Games founder Ankush Gera, Nazara Technologies founder Nitish Mittersain and Founding member of Robinhood, also participated in this round.
“Having set up a solid foundation, our aim is to build a disciplined culture of trading in India’s and help the digital generation of today to invest in an informed and learned manner. The funding further reinforces the faith of our investors in our vision of bringing this transformation,” StockGro Founder and CEO Ajay Lakhotia said.
Founded in January 2020, StockGro claims to have doubled its user base in the last quarter from 5 million in October to 10 million as of January 2022.
“Nowhere is this more clear than in India where less than 2 per cent of the population currently invests in the stock market. Gamification and competitions not only engage new and aspiring investors but also drive superior educational outcomes with a ‘play & learn’ product.
“StockGro has a unique opportunity to facilitate the transition of wealth into new asset classes, not just with stocks but also with its expansion into crypto and other assets,” Bitkraft Ventures said. PTI PRS RAM BAL BAL
