threedots, a community investing platform, owned and operated by Tres Commas Technologies Pvt Ltd, has raised $4 million as a part of its Seed funding round led by Kalaari Capital, the company said in a statement on Wednesday.
Better Capital, iSeed, Cloud Capital, Kunal Shah of Cred, Lalit Keshre of Groww, Jitendra Gupta of neobank Jupiter, Amrish Rau and Sweta Rau of Pine labs, Ramakant Sharma of Livspace, Rohit MA of cloud9, angel investor Giri Malpani of Malpani Family, Mohit Daga , were among those who participated in the round.
threedots plans to use the the funds for product development and to expand its team. Currently, it has a team of 30 employees and plans to hire another 20 in the next few months.
threedots, founded in March last year by former Groww employees and BITS Pilani alumni Rishu Garg, Prakhar Bhardwaj and Akul Agarwal, offers a platform that gives users access to financial news and a finance centric community, along with enabling them to invest in stocks.
The platform provides members to leverage their knowledge, expertise and experience of stock and crypto markets, thus enabling users to take informed decisions, the company said.
threedots claims to have onboarded over 100 market experts who guide users in their community and said that it has partnerships with Groww, Coindcx, and Finshots.
The three founders were also working with companies like Cleartax and Small Case, it said.
threedots said it is betting on the retail investment market as it is expanding rapidly in India. More than 14 million demat accounts were created in 2020-21 (FY21), against 4.9 million in 2019-20 (FY20), threedots said, adding that while only 3% of Indians currently invest in the capital market, the number is set to rise to 15% by 2030.
“Our vision is to make threedots the next-gen community investment platform where people can learn, discuss and invest all at one place. We want to change the financial life of the next 100 million users in India who will be using financial services for the first time and help them create wealth,” said Rishu Garg, Co-Founder, threedots.
Many investment and wealth management platforms have raised money aggressively to capitalise on the recent surge in first time and retail investors. On Tuesday, INDmoney, another wealth management company raised $75 million from Steadview Capital, Tiger Global Management and others. INDmoney said that it will also add stock brokerage stack on its platform.
VCCircle had reported earlier this month that Groww, which recently onboarded Microsoft Corp’s Chief Executive Officer Satya Nadella as an investor and an advisor, is planning to raise as much as $1 billion as a part of its Series F funding round.
“Equity investments in India are expected to witness strong growth backed by the increased information access brought by platforms going digital. With current penetration only at 5%, there is a huge opportunity for a platform to help millennials come and learn from financial influencers the art of investing,” said Kiran Vasireddy, Partner at Kalaari Capital, who was former Chief Operating Officer (COO) at Paytm.
