OYO founder Ritesh Agarwal-backed global investment platform Stockal has raised Series A funding of $9 million (around Rs 69 crore) from US-based web3 focused venture fund Hashed and PEAK6 Investments.
The round also saw participation from Group Ventures (VC arm of ARC Group), Trica, 7Square, AZ Ventures, Czar Capital, Riso Capital and Stockal’s existing investors.
The Bengaluru-based firm, operated by Borderless Softtech Pvt Ltd, plans to deploy the fresh capital to expand its South East Asia footprint.
VCCircle exclusively reported the development on December 1.
"We are very excited about the opportunity of making investing and savings a truly borderless use-case. Investors from emerging markets have always been short-changed when it comes to finding diverse investment opportunities and we are happy to play a large role in unlocking the global potential for them," said Sitashwa Srivastava and Vinay Bharathwaj, Co-founders of Stockal, in a joint statement.
"The last couple of years have highlighted that there is a tremendous appetite among retail investors to make their money borderless and they will make the leap provided the required ecosystem is available. We are working very closely with banks and regulators in all our markets to make Stockal an extremely seamless platform," they added.
Stockal is a cross-border investing platform that claims to have processed over $750 million worth of transactions in the last 22-23 months. Last year, Stockal expanded into MENA with an office in Dubai and partnerships in UAE, Oman and Bahrain.
According to the startup's statement, leading financial services firms like HDFC, Motilal Oswal, IIFL, Geojit, Scripbox, JM Financial, Centrum Wealth, and over 50 other brokers and wealth management companies have partnered with Stockal.
In 2015, Stockal raised an undisclosed amount from Helion Venture Partners CFO R Natarajan and Copal Amba founder Mohan Alexander. The startup raised $350,000 (around Rs 2.25 crore) in 2017.
Stockal said that it had earlier secured around $4 million from HDFC, AROA Ventures, Cadenza Capital, July Ventures, among others.
