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Business News/ Companies / Start-ups/  Social investment startup StockGro concludes Series A with $32 million
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Social investment startup StockGro concludes Series A with $32 million

StockGro said it plans to use the funding amount to tap into more markets, introduce new product offerings and aggressively ramp up its hiring across all functions

The fintech startup is a social investment platform with an interactive virtual interface that enables users to learn about and participate in stock markets. iStockphotoPremium
The fintech startup is a social investment platform with an interactive virtual interface that enables users to learn about and participate in stock markets. iStockphoto

StockGro on Thursday said it has concluded a series A funding round with USD 32 million. The funding round was led by some of the marquee global investors, including BITKRAFT Ventures, General Catalyst, and Itai Tsiddon (co-founder of Israel based Lightricks), with participation from existing backers Roots Ventures, Creed Capital Asia and a host of angel investors, including Base10 Capital founders, Junglee Games founder Ankush Gera, Nazara Technologies founder Nitish Mittersain and founding member of Robinhood. 

The company said participation from existing investors also included commitment for secondary financing for its early backers which would lead to multi-fold returns on their previous investments.

StockGro was founded in 2020 by former venture capitalist Ajay Lakhotia. The fintech startup is a social investment platform with an interactive virtual interface that enables users to learn about and participate in stock markets. The company said it has doubled its user base in the last quarter from 5 million in October 2021 to 10 million as of January 2022. 

“Having set up a solid foundation, our aim is to build a disciplined culture of trading in India’s and help the digital generation of today to invest in an informed and learned manner. The funding further reinforces the faith of our investors in our vision of bringing this transformation," said Ajay Lakhotia, founder and CEO, StockGro.

StockGro said it plans to use the funding amount to tap into more markets, introduce new product offerings and aggressively ramp up its hiring across all functions.

This is among the largest Series A rounds raised by fintech start-ups in India, raising the total funding commitments for the Bengaluru-based company to about USD 40 million.

Commenting on the funding, BITKRAFT Ventures said, “The democratization of finance and investment is an important global theme that is re-defining the culture and values of younger generations. Nowhere is this​clearer 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. StockGro has a unique opportunity to facilitate the transition of wealth into new asset classes, not just with stocks but also with its expansion into crypto and other assets, and we are proud to be working with Ajay on the front lines of this transformation." 

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Published: 20 Jan 2022, 08:00 AM IST
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