StockGro, a social investment platform based in Bengaluru, has announced that it has raised $5 million in the Roots Ventures and Velo Partners led pre-Series A funding round. The platform said that it will utilize the funds raised to increase the user base, onboard tech talent, and to develop new features.
Speaking on the announcement, Ajay Lakhotia, Founder, StockGro, commented, “Our culture, our education system teaches us how to save money but no one teaches us how to invest money. At StockGro, we are on a mission to make millennials investment ready. With over one million active users on the platform within nine months of launch, StockGro has become the primary social investment platform for millennials. Global investors aligned to our vision have come on board to support us in democratising investments for the next generation.”
Japan Vyas, Roots Ventures, added, “StockGro is gamifying stock investing and making it more social. These are compelling elements in one platform, providing educational interface to aspiring investors and traders, tremendous exchange of ideas and information amongst participants, and on the whole democratising investing and trading. We look forward to working with Ajay and the team.”
Andrew Reader, of Velo Partners, continued, “Encouraging education and engagement with the younger generation around investing in the stock market is essential. With less than 10 percent of millennials actively investing in stock markets, StockGro is standing at the junction of growing the TAM of active investors. Ajay brings the right experience, knowledge, network, and passion to unlock this multibillion-dollar potential market.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.