Delhi-NCR based financial literacy startup FlipItNews has raised INR 18 Cr as seed funding.
The funding will be in the form of equity and OCDS, which will be used to build new product characteristics, revamp technology-based infrastructure, and acquire more customers.
FlipItNews was founded in 2020 by Bharat Bhushan, and Diptanil Das, as well as IIM alumnus Dipankar Biswas. FlipItNews founders realised that barely 3% of Indian citizens invest in stock markets compared to more than 50% of Americans who regularly invest in stocks. Wealth investments in India are primarily dominated by investment in properties, gold, and bank deposits. This is where FlipItNews comes in. The motto of this start-up is driving financial literacy and investment through contextual information and engagement with smart investors.
The app started as a smart news discovery platform summarized in 50 words, one click research of any stock, smart advisory from top brokers of India and a real-time engagement feed. It is now on its way to introduce social trading features as well.
“We are living in a time where we are witnessing a global financial revolution. We have seen the power of community and social media for DogeCoin and even in the case of GameStop. Social trading is the future and we are making it simplified and engaging for the modern tech savvy users with extremely simplified user experience,” Dipankar Biswas,CEO and co-founder of FlipItNews said in a statement.
The startup claims that more than 125,000 users have already installed the FlipItNews app on their smartphone and they hope that this number will reach a million very soon.
The investment tech sector is populated by startups like Zerodha, Paytm Money, Groww, ETMONEY, Scripbox, Fisdom, Orowealth, INDMoney, among many others. According to the Inc42 Plus ‘Investment Tech In India, Rise Of Retail Investment, Report 2021’ India is now home to more than 400 investment tech startups and the country’s investment tech market is set to reach $14.3 Bn by 2025 growing at a CAGR of 22.4%. Indian investment tech startups have raised a total of $379.2 Mn between 2015-2020. Last month, India got its second investment tech unicorn Groww with $83 Mn series D funding from Tiger Global. Last year, Zerodha was the first Indian investment tech platform to attain unicorn status and currently boasts of 5 Mn+ users. On the other hand, Paytm Money launched its stock trading platform in September last year and claimed to have surpassed Zerodha within a few months with around 6.5 Mn users.