Founded in 2020 by IIM alumnus Dipankar Biswas and technocrats Diptanil Das and Bharat Bhushan, Gurugram-based fintech start-up FlipItNews announced it has raised Rs 18 crore in the form of equity and OCDS in its seed investment round, which will be used to revamp tech infrastructure, build new product features and acquire more users.
This unique start-up is on a mission to reinvent financial literacy for Indians where financial awareness is driven by smart information discovery and engagement with peers, the startup said in its release.
“While researching the behaviour of Indians regarding their participation in the capital market activities, FlipItNews founders were startled by the fact that barely 3% of citizens invest in stock markets. However, if we compare this data with that of the United States, then it becomes evident that more than 50% of Americans regularly invest in stocks. Indians lack confidence when it comes to investment in the capital market. The wealth in this country is primarily dominated by investment in properties, gold, and bank deposits. This is where FlipItNews comes in. The motto of this start-up is driving financial literacy and investment through contextual information and engagement with smart investors,” the statement said.
Talking about this its CEO and co-founder Dipankar Biswas said, “We are living in a time where we are witnessing a global financial revolution! We have seen the power of community and social media for DogeCoin and even in the case of GameStop. Social trading is the future and we are making it simplified and engaging for the modern tech savvy users with extremely simplified user experience.”
When asked about more features of Circle, its COO and co-founder Bharat Bhushan said, “We are not only building a community, but also building a smart platform where any fin-tech company can build its own community. Building a financial literate country is a huge task and we all need to come forward together to make it happen.”
According to the latest update, more than 125,000 users have already installed the FlipItNews app on their smartphone.
To conclude its CTO and co-founder Diptanil Das said, “Covid lockdown has worked as an inflection point for Indians to be more interested in investment and finances. We are simplifying it with new age technology.”
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