Paytm Money’s former CEO Pravin Jadhav’s fintech startup Raise Financial Services has acquired Mumbai-based stock broker Moneylicious Securities.
As part of the deal, Moneylicious’ CEO and founder Jayprakash Gupta will be joining Raise as the cofounder.
Founded in 2012, Moneylicious Securities is a registered stock broker and a member of all Stock Exchanges (BSE, NSE, MCX) for all segments (cash, F&O, commodities, and currency) and a depository participant with CDSL.
The acquisition has received all required approvals from capital markets regulator SEBI, Stock Exchanges (BSE, NSE, and MCX) and CDSL.
Founded in 2021 by Paytm Money’s former chief executive officer Pravin Jadhav, Raise plans to build technology-led consumer products across financial services, including financing, insurance, investments, payments, and wealth.
The acquisition of Moneylicious is the first step towards building an investment and wealth stack for Raise. “All of us at Raise now gear up to enter the investment & wealth management space. We are on track to launch our first product by the end of 2021. We aim to build India’s most advanced technology-led investment platform,” the company said.
Post acquisition, Moneylicious Securities will operate as a 100% subsidiary of Raise Financial Services along with its customers, operations, business, and team members.
Raise had raised its first round of funding from Mirae Asset Venture Investment earlier this year in February.
In his acquisition announcement, Jadhav said, “Over years, people have become smarter about investing, but products they use have not. There is little or no innovation, difficult to use apps, most of them look & feel the same for years, or are plain simple boring.”
Raise aims to build products & services centred around a specific audience and demographic – financially aware users in metros & tier 1 & 2 cities and towns.
“Retail participation in stock markets witnessed a significant increase in the past 18 months. This momentum and interest are irreversible. Acquisition of Moneylicious Securities enables us to enter the investment & wealth management space with a tech-driven platform that is built for super traders and long term investors,” said Jadhav.