Assetgro Fintech Pvt Ltd, the operator of social investment platform StockGro, has raised $32 million (around Rs 240 crore) in a Series A round led by BITKRAFT Ventures, General Catalyst, and Itai Tsiddon, the co-founder of Israel based app developer Lightricks, the company said on Thursday.
The round also saw participation from existing investors like Roots Ventures, and Creed Capital Asia. A syndicate of angel investors including Base10 Capital Founders, Junglee Games founder Ankush Gera, Nazara Technologies founder Nitish Mittersain and founding member of Robinhood also participated in this round.
The company said it will use the funding to tap into additional markets, introduce new product offerings and ramp up its hiring across all functions.
The company said it has raised total funding of about $40 million so far.
Founded in January 2020 by Ajay Lakhotia, a former venture capitalist, StockGro is a social investment platform with a gamified virtual interface that enables users to discover trading strategies.
StockGro said it has doubled its user base from 50 lakh customers in October to 1 crore, as of January 2022, the company said.
In December 2020, StockGro raised around $1 million in an angel funding from startup founders such as Kunal Shah of Cred, Vivekananda Hallekere of Bounce, Rahul Garg of Moglix, and Ramakant Sharma of Livspace.
“The democratization of finance and investment is an important global theme that is redefining the culture and values of younger generations. Nowhere is this more clear than in India, where less than 2% of the population currently invests in the stock market. Gamification and competitions not only engage new and aspiring investors but also drive superior educational outcomes with a "play & learn" product," a BITKRAFT Ventures spokesperson said.