Mumbai-based discount broking firm SAMCO has raised $7.5 Mn (INR 49 Cr) in a Series B funding round from existing promoters and London-based investment management firm Bay Capital Investment Partners.
The startup plans to use the funding towards building its mutual fund distribution, lending capability, research and advisory businesses.
On the fundraise, Jimeet Modi, Founder & CEO, SAMCO Securities said, “This transaction allows SAMCO to allocate growth capital for adding business verticals, which shall aid revenue and profit contribution for the next phase of growth.”
This follows Series A funding of $3 Mn (INR 20 Cr) raised by the company in FY 2016.
According to media statement, SAMCO’s core broking operations of the company have been adequately capitalised and are generating enough free cash flow.
On the investment, Siddharth Mehta, Founder, Bay Capital said,” SAMCO has had an impressive growth trajectory. It has been successful in delivering unique solutions to its customers from the complex requirements of the market.”
Venture Capitalist firm Bay Capital was founded by Puneet Saraogi and Siddharth Mehta, which focuses investments in sectors like healthcare, information technology, manufacturing, media, and communications.