The company will use the capital to grow its user base, hire tech talent and build new features, it said in a statement.
Founded in January 2020 by former venture capitalist Ajay Lakhotia, StockGro is the region’s first social investment platform with a gamified virtual interface that enables users to discover trading strategies, compete and interact with others.
It has more than a million users with over 80% month-on-month retention rate, the company said.
“Our culture, our education system teaches us how to save money, but no one teaches us how to invest money. At StockGro we are on a mission to make millennials investment-ready,” Lakhotia said.
The platform allows individuals to initiate their investments without taking risks and be rewarded for building the best investment portfolios.
“StockGro is gamifying stock investing and making it more social. These are compelling elements in one platform providing an educational interface to aspiring investors and traders, tremendous exchange of ideas and information amongst participants and on the whole democratizing investing and trading,” said Japan Vyas, founder of Roots Ventures.
The company now has leading fund managers, futures and options traders, and algo traders driving its social groups, helping users learn various trading strategies and test their thesis on the StockGro platform.
“Encouraging education, and engagement with the younger generation around investing in the stock market is essential. With less than 10% of millennials actively investing in stock markets, StockGro is standing at the junction of growing the TAM of active investors,” said Andrew Reader of Velo Partners.
In December 2020, StockGro raised around $1 million in an angel round from a clutch of investors.
Kunal Shah of Cred, Vivekananda Hallekere of Bounce, Rahul Garg of Moglix, Ramakant Sharma of Livspace and fund managers such as Varun Laul of
, Ashish Sharma of Innoven Capital, Rohit Sood of Bertelsmann, Ankit Agarwal of Alteria Capital, Tej Kapoor of Fosun, Karthik Bhat of Ubiquity and Family Offices including Creed Capital, Luminaire Capital and Mark V Capital, were among the investors.
Falcon Edge Partners has also invested in StockGro.