Indore-based discount broking company TradingBells has raised $296.3K (INR 2 Cr) in a Seed funding round led by Mumbai-based stock broker Swastika Investmart Ltd.
The startup plans to utilise the funds in hiring talent, expanding office infrastructure, technology up gradation, and customer acquisition. Also, it will help the company to reach 100,000 customers and INR 45 Cr revenue within the next 3 years.
Founded in 2016 by Parth Nyati and Amit Gupta, TradingBells aims to make trading easy, accessible and transparent for retail investors by leveraging cutting edge technology and automation. It offers zero brokerage on delivery based transactions and lower of INR 20 or 0.01% of the turnover per executed order for intraday and F&O transactions.
It is among the few players to offer high leverage of up to 22x on equity and up to 7x on commodity trading, as well as free trading and Demat accounts opening with zero balance for customers.
Vinit Rathi, VP-Marketing, Swastika Investmart Ltd. said, “With over 200 Mn people [age group: 18-55, with a minimum earning and savings capacity] who are eligible to invest in stock markets, there is enormous room for growth. Coupled with the fact that the popularity of discount broking has been soaring in the last few years and we have been planning to foray into space for some time now. In Amit and Parth, we saw a team that had the talent, experience, and passion for setting up a successful business. With this seed funding, we want to forge a long-term partnership with Trading Bells to build a robust and profitable company.”
Swastika Investmart Ltd is a major stock broker since 1998 with reportedly over 75,000 clients and spread across 17 states through its 90+ branches.
“With Swastika’s successful track record of 18 years in the broking business, we are privileged to have on board an investor and mentor who can help transform our vision into reality. The association holds tremendous synergy for both players as TradingBells can leverage Swastika’s state of the art technology and nationwide presence to accelerate growth, while Swastika gets a presence in the discount broking space, making their offering end-to-end,” said Parth.
Established in 1992 with its headquarters in Mumbai, Swastika is among the leading brokers of the country with a membership of all national stock and commodity exchanges including NSE, BSE, NCDEX, and MCX. It is also a member of NSDL and CSDL as a depository participant and member of currency derivatives segment with NSE and MCX- SX. With a network of 90 + branches spread across 17 states and over 75,000 customers, the company is managed by over 650 professionals.
