MarketWolf, a trading app focussed on intraday options has raised $5.5 Mn in a funding round to build new products, expand user base and recruitment.
The funding round saw the participation of Anil Thadani (Chairman at Symphony Asia), Ashutosh Sinha (former CEO of Morgan Stanley Investment Management Singapore), Tomas Urbanec (former CEO of Prudential Assurance Singapore), and Roy van Leeuwen (Managing Director Benelux, Auto1).
Livspace cofounders Anuj Srivastava and Ramakant Sharma also participated in this round of funding.
Cofounded by Vishesh Dhingra (CEO) and Thomas Joseph (COO) in 2017, MarketWolf has raised $7.2 Mn, to date.
“This fresh funding will be utilised to build new products, expand the user base and attract top talent,” said a statement from MarketWolf.
Speaking about MarketWolf’s global plans, Vishesh Dhingra, the cofounder and CEO said that although the company’s current focus is largely on India, it is evaluating expanding its business to other markets based on business opportunities.
“We are looking into the various compliance and business requirements needed for capital markets exchanges in different countries. Since many of our investors are based in Singapore, we will be looking to expand in other Southeast Asian markets. We are also actively hiring across both regions, India, and Singapore,” Dhingra said.
The trading app currently has operations in India and Singapore. A licensed stockbroker in India, MarketWolf claims to have clocked over 1 Mn app downloads.
Zerodha, Groww, Paytm Money, Upstox, ETMONEY, Smallcase are a few startups currently operational in the Indian investment tech space.
About a month back reports suggested that investment tech unicorn Groww is looking to raise $250 Mn at the valuation of $2 Bn – $3 Bn.
Currently, India is home to more than 400 investment tech startups, with companies witnessing a spike in demand due to multiple reasons. According to data from Inc42 Plus, the investment tech market is projected to reach $14.5 Bn by 2025 with an expected CAGR of 22.4%.