Tricked by trading firms, Greenwich alumnus launches marketplace for analysts and retail investors
In 2011, Kanak Shah tried his hand at stock trading by following tips of an analyst from a popular media channel. The results were not impressive so he opted for the premium service where they offered him two days free trial where he was given five tips in total and those tips made Rs. 12,000 in two days.
Later, he subscribed to their package of Rs. 5000 for monthly tips. When Kanak started trading on their tips he ended up losing half of the investment because of bad tips. “After 20 days, I called up the company but no one picked up the phone and after sometime I came to know the company had shut down. This made me stay away from the stock market, but I could not help thinking how I could solve this major problem for people investing in the stock market,” says Kanak.
Kanak started working on the solution for investors to find the ‘best stock market analyst’. After gathering data and in-depth research, he came across the idea of Tipbazaar.com which is a stock market specific marketplace where stock analyst can create packages and sell their packages from a single place.
“But that wasn’t solving the bottleneck problem of ‘finding the best stock analyst’ or I should say ‘removing the fake analysts’. So after some more research and meeting many investors, I managed to build a platform which will solve the problem of investors and also give benefits to analysts,” adds Kanak.
Kanak has a MBA degree from University of Greenwich and is a serial entrepreneur, who had earlier started Micropots Technologies, which mainly focused on digital marketing services.
Tipbazaar is the first-ever analytical marketplace platform especially built for stock market which offers stock analyst to create their profile and list their tip packages to sell. It also created a unique platform which tracks the real-time performance of the tips given by analysts with the real-time exchange data and provides the verified performance analytics to investors.
While creating the real-time performance tracking and real-time feed engine, finding the source of data was crucial. “Initially we took data from Yahoo but it only provided equity data whereas Tipbazaar tracks equity, futures & options and commodity data. Getting real-time data from the exchange takes a huge amount annually, so we found different data sources which provided the API from which we can fetch the raw data, and this took a lot of time,” says Kanak.
Fetching the real-time raw data from API, converting and storing it into organized format took another three months for Kanak and his team which was clearly like building a new trading platform, he recalls.
“We are planning to launch the platform in the second week of September and have started acquiring paid customers,” adds Kanak. “At present, the platform tracks the few generic tip formats, but in the future we will be tracking all types of tips and tip strategies.” The company also plans to launch its mobile app where analysts can give tips in seconds and customers can compare, analyze and subscribe via app only.
Visit : Tipbazaar