Indian fintech startup- StockGro has bagged USD 5 million during a pre-Series A funding round led by Velo Partners and Roots Ventures. As per an official statement by the company, it will use the raised capital to expand its user base, hire technical experts and develop innovative features.

Incorporated in the year 2020, StockGro has emerged as India’s first social investment mechanism that comes with a gamified virtual interface, allowing users to discover trading policies, and compete and interact with one another.

Notably, the innovative platform allows users to initiate investments without undertaking any risks and being rewarded for developing a strong investment portfolio.

Sources cite that the company has more than a million users with a retention rate of 80%.

According to Japan Vyas, Founder, Roots Ventures, “StockGro has gamified stock investment, making it more social. This unique step offers educational interface to potential investors and traders, exchange of ideas and information among users along with democratizing trading and investment.”

Currently, the startup has fund managers, algo traders, and futures & options traders that support its social groups, assisting users to learn different trading policies and test their thesis on StockGro’s offerings.  

It is worth mentioning that in December 2020, Bengaluru-based StockGro secured nearly USD 1 million in an angel round from a group of notable investors.

These included Kunal Shah- Founder of CRED, Ramakant Sharma of Livspace, Vivekananda Hallekere, CEO & Co-Founder of BounceRahul Garg of Moglix, and fund managers like Rohit Sood of Bertelsmann, Ashish Sharma- MD & CEO of Innoven Capital, Tej Kapoor of Fosun, Managing Director at Investcorp - Varun Laul, Karthik Bhat of Ubiquity, along with Family Offices that include Luminaire Capital, Creed Capital, and Mark V Capital, were among the various investors.     

Additionally, American investment giant- Falcon Edge Partners has also invested in StockGro.

Source Credit: https://economictimes.indiatimes.com/tech/funding/stockgro-raises-5-million-in-funding-led-by-roots-ventures-velo-partners/articleshow/85040535.cms