Stock trading platform MarketWolf has raised $10 million in its latest funding round led by Jungle Ventures and Dream Capital. Existing investors and others, including 9Unicorns, Iseed, Crescent and Riverwalk, also participated in the round, according to ETtech report.
The startup plans to use the capital to build out its product suite and to hire top talent across product, marketing and engineering functions. The company is also planning to hire talent in tech and product development.
Founded in 2017 by Vishesh Dhingra and Thomas Joseph, MarketWolf targets first-time investors to make the trading experience easy and jargon-free.
“The number of trading accounts and retail active clients have grown 10X compared to the same period last year, despite the volatility seen in public capital markets this year,” it said in a statement.
“Today, we are at the intersection of two of the most popular and hyper-growth verticals in the new world – stock trading and mobile gaming – both sharing elements of high engagement, excitement, and experiential learning,” Dhingra said.
The company will invest more money into marketing, he said.
“Retail participation in the stock market in India continues to remain abysmally low at ~3-5% and we believe that MarketWolf has the right product, as well as the right team and expertise to break through this market,” said Arpit Beri, principal at Jungle Ventures.
The company plans to launch more products customized for the new age retail investors and mobile gamers, while mitigating the inherent risks associated with public capital markets, it said.
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