ICICIdirect Acquires Investment Content Community Startup Multipie

SUMMARY

As part of the deal, ICICIdirect will acquire Multipie’s app, technology, brand, domain name and user base

Multipie’s core team including content and tech teams will also join ICICIdirect

Multipie is a web and app-based content community networking platform for investors that enables them to exchange ideas on stocks and other allied investments

ICICIdirect has acquired web and app-based investment content community startup Multipie from its parent company Vartul Solutions.

As part of the deal, ICICIdirect will acquire Multipie’s app, technology, brand, domain name and user base. In addition, Multipie’s core team including content and tech teams will also join ICICIdirect.

Set up in October 2021 by Sandeep Baid and Mihir Vivekanand Patki, Multipie is a web and app-based content community networking platform for investors that enables them to exchange ideas and share views on stocks and other allied investments. It is a socially-integrated platform that enables users to export content to their social media handles. For that, users have to link their portfolios with the platform.

Multipie runs features including stock discovery ideas, import stock portfolio, content creation using stock tags, user tags with Twitter integration, to name a few. It also permits users to follow each other and share portfolios of other people within the platform.

Multipie’s app is presently available on Play Store and App Store. It claims to be growing over 40% month-on-month.

Prior to acquiring Multipie, ICICIdirect acquired a minority stake in fintech gaming app Asknbid in October 2021.

Asknbid essentially focuses on building algorithm-based investment tools or platforms. It earlier created a learning platform for college students and young professionals called Distreet Games.

ICICIdirect, which is a part of ICICI Securities, offers retail trading and investment services. It manages four types of business – investment broking, distribution of financial products, wealth management and investment banking.

ICICI Securities is a subsidiary of ICICI Bank Ltd. It was set up in May 1995 and offers services to a wide range of customers such as retail and institutional investors, corporates, high net-worth individuals and government bodies.

According to an Inc42 report, India’s investment tech market is expected to reach the $14 Mn mark by 2025, growing at a CAGR of 22.4% between 2020 and 2025.