Fintech platformannounced on Tuesday that it has raised $10 million in a Series A funding round led by Jungle Ventures and Dream Capital.
Existing investors such as iSeed, 9Unicorns, Crescent and Riverwalk also participated in the round. To date, MarketWolf has raised $17.4 million in external funding.
The Mumbai-based startup will use the capital raised to expand its product line and hire employees, he said.
“Retail equity market participation in India continues to remain extremely low at 3-5%, and we believe MarketWolf has the right product, team and expertise to break into this market,” said Arpit Beri. , director. at Jungle Ventures.
Founded in 2017 by Vishesh Dhingra and Thomas Joseph, MarketWolf’s business model is based on the philosophy of making trading more accessible to new investors by removing jargon, providing volatility protection through its built-in risk management system and, at the same time, helping people learn about financial markets.
Vishesh tells Your story that the purpose of the platform is to help people make profits, or at least minimize the extent of losses. It encourages the use of its built-in risk management feature to perform a host of actions that can help prevent losses, such as setting mandatory target risk/reward levels and investing only in liquid instruments, among others.
“Any feature added in the app must pass the litmus test of either helping to increase the chances of a trade making profits or minimizing the chances of a trade making losses,” says Vishesh.
The startup, like all other brokerages, derives its revenue from the fees it charges on executing trades. However, MarketWolf states that it only charges brokerage fees on profitable trades; no brokerage is charged if the trade ends up making a loss.
Users can currently invest in stocks, index ETFs and derivatives, currency derivatives and commodity derivatives.
Vishesh says the platform will add more trading and investing options, as well as ways for people to learn about financial markets in a fun way.
The startup has opened over 500,000 trading accounts to date, almost 90% in the 12 months. It has been downloaded by over 1.5 million users.
Its competitors in the space include TradingRooms by RAIN,and Paytm-based WealthBasket, among others.