SUMMARY
The startup has raised $2 Mn in seed funding
Investmint plans to use the fresh funding to expand its product, engineering and quantitative research teams
The startup’s trading and investment app, currently in open beta, will be launched within the next few weeks
Signal-based trading and investment startup Investmint has raised $2 Mn in its seed funding round led by Nexus Venture Partners.
The startup plans to use the fresh funding to expand its product, engineering, and quantitative research teams. Its trading and investing app– Investmint–is currently operating in open Beta phase which it plans to roll out by the next few weeks.
Founded in February 2022 by Aakash Goel, and Mohit Chitlangia, Investmint wants to make stock market activities simple for everyday investors by offering easy trading and investing products backed by a data and science driven investment approach.
While such an approach has been successfully used by experienced institutional investors, it has not been available to retail or DIY investors. Investmint aims to democratise these techniques to enable retail investors to take confident investing decisions.
“At Investmint, we are building a game changing product for retail investors and traders who believe in managing their own funds themselves. We are grateful to Nexus Venture Partners as well as many other early believers and angels for backing our vision,” Aakash Goel, cofounder and CEO of Investmint, said.
According to Anup Gupta, managing director, Nexus Venture Partners, the last two years have seen a substantial rise in equity investing in India by retail investors. However, high quality data models have not been easily accessible to retail and do-it-yourself investors.
“Investmint has a unique approach and product to make such data models accessible in a manner that are easy to understand and track, and we are excited to partner with them in this journey to catalyse retail participation in stock markets,” Gupta said.
In the last couple of years, the democratisation of the internet, the emergence of fintech startups such as Zerodha and Groww, gave an impetus to stock market and mutual funds investing in India. These factors have made it easier to open trading accounts to start investing in stock markets from home.
Resultantly, the number of demat accounts jumped 63% to 89.7 Mn in FY22, as per SEBI data. In addition, mutual funds and asset management companies (AMCs) also added close to 70 Lakh investor accounts in the first five months of FY23, as per the Association of Mutual Funds in India’s data.
However, the Securities and Exchange Board of India (SEBI) is keeping a close eye on the unsolicited stock tips or investment advice received through social media. The market regulator carried out three search and seizure operations in FY22 to put a check on fraudulent stock tips circulated through social media.
