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Amigobulls, a platform for stock market news, views and analysis videos, has raised seed funding of undisclosed amount via LetsVenture platform. The round was led by Sharad Sharma of iSPIRT and Vijay Anand, VP and Managing Director at Intuit India. The other key investors who participated in the round included Mohandas Pai, Ex-CFO of Infosys, Pallav Nadhani, CEO of Fushion Charts, Singapore Angel Network, The GP Group of Thailand and others.
The funds will primarily be utilized to build mobile platforms and strengthen Amigobulls’ network of video bloggers. Also, as part of the deal, Vijay Anand will be joining the company’s board of directors.
Founded in mid 2013 by Chandu Sohoni, Poorna Nayak and Mandeep Makkar, the startup serves the US retail stock market investors, and is building a Youtube like platform where analysts and amateurs can create their own stock analysis videos.
Amigobulls uses patent pending big-data technology to provide investors with automatically generated analysis videos for thousands of popular stocks listed on NASDAQ, and NYSE to help investors in taking unbiased and well-informed investment decisions.
“It is a unique combination of high quality financial analysis provided using big data and video technologies. Our current focus is on analyzing the US technology stocks, but the patent pending technology allows us to expand beyond tech-stocks and also beyond North American markets. New age investors have no time to read long analysis reports and have a clear preference for multimedia content. Amigobulls provides media rich stock analysis with actionable insights.” said, Chandu Sohoni.
Initially the team had struggled to understand the US consumer behaviour. Only after understanding the consumer mindset thoroughly, the team came up with many innovative ideas, including presentation of financial analysis in short video format. Since its launch, the company has seen significant growth in user traction significantly, and its monthly active user base is soon going to touch 100K.
The raised funds will help the startup launch new initiatives and increase its traction further.
LetsVenture is an online platform for startups and investors to facilitate angel and seed investments. Founded in 2013 by Shanti Mohan and Sanjay Jha, the company has facilitated funding for 50 companies, aggregating to nearly $17 Mn.
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