Stock-broking platform Angel One has decided to absorb the team of Bengaluru-based fintech startup Dstreet Finance, which will help it build engagement with the younger Gen Z population.
The company did not disclose the financial terms of the transaction, but said Dstreet’s team of 12 people will join Angel One.
“Over the last few years, a large number of customers have come in with customers who are below the age of 25,” Prateek Mehta, chief business officer at Angel One told VCCircle. “What consumers need is content, which is not boring but still makes sense to them and they find some value out of it.”
Founded by Suresh Bavisetti and Paarth Dhar in 2021, Dstreet specialised in offering content and engaging learning experiences tailored for new investors, particularly Gen Z audience. The platform, now not operational, was backed by the likes of ICICI Securities, Expert Dojo, Archana Priyadarshini and Mumbai Angels.
Dstreet Finance’s team joins Angel One to spearhead content, user engagement and learning-related initiatives, as a part of the deal.
The acquisition is a part of a longer-term inorganic growth plan of the listed stock broker, which is looking to diversify its suite of financial services through multiple products beyond its products for the capital markets, a trend common with other players in the industry.
Angel One is tapping new growth opportunities in areas such as Asset Management (AMC), Wealth Management, Insurance, and Lending products among other things. “We are looking to accelerate our go-to-market (strategy) for what our customers need,” said Mehta.
According to him, there are few themes Angel One is interested in for inorganic growth– these include platforms that help it offer learning solutions, build engagement through content, and improve its distribution, besides adding adjacencies in broking and wealth-tech solutions. Further, it is also open to buying teams for talent and IP. Moreover, the company already has a regulator's approval to sponsor a mutual fund.
“The integration of the Dstreet team is a strategic move towards enhancing our offerings for the next-generation clients and aligns with our vision of evolving into a comprehensive fintech company,” said Dinesh Thakkar, chairman and managing director, Angel One.