While the world is going mobile-first, the financial and market traders are yet to catch up. The lack of information vis-a-vis accurate research and live market data that matches the terminal resulted in huge financial losses multiple times. Taking this into account, Sudhanshu Agarwal came up with the idea of BullBear Device.
The basic idea was to help traders access the market data anytime, anywhere in a legal manner. Most companies provide live rates on desktop or laptops, which made it difficult for traders who have to watch their computer screens all day long to track the live market rates. In July 2014, the company began to shape up with a concept of providing live financial market data and trading tips with maximum possible accuracy level on mobiles for the market traders.
Workings of the app
After trying numerous app designs and holding hundreds of discussions, the founders and the team launched their application in December 2014. "We aim to democratise the financial markets in India by providing real-time financial information to people on the go," says Sudhanshu.
The company is an authorised financial market data vendor of DotEx, the info-vending arm of National Stock Exchange of India and Multi Commodity Exchange of India. Its app has been created for market traders to track real-time market rates along with trading tips and also provides full research support based on the fundamentals of the financial market.
The application offers a bundle of features to market traders for making their trading better and profitable. It includes live MCX rates, commodity tips and trends, economic events and news updates, Hazir Bhav (Mandi prices), complete research support, international Dow Jones news, market outlook and support and resistance level before the market opens.
Anup Singh, who understood well the problems of the financial markets, joined hands with Sudhanshu. Soon Kamini Patel, Harshit Patel and Parag Trivedi joined the team to help create awareness. Ankush Jain, Senior Research Analyst (Commodity) at BullBear Device, provides technical market analysis and research support to the app holders of the company.
Suparna Thakkar works on increasing the company’s online presence and branding on SMM Platforms. Hiren Vaghela was recruited later on as a research analyst. Sudanshu says, "We lay down competitive programmes to motivate employees to do better and achieve their goals in an efficient manner."
Traction and funding
The BullBear Device has been downloaded by 24,000 customers both from Google Play Store and App Store. The company has more than 1,200 paid users for the app and has crossed Rs 30 lakh in revenue from the date of launch. "Our customers can access real-time data (tick-by-tick) with complete research support along with best possible customer support in financial app category, which is an ultimate one-stop-solution for market traders," says Sudhanshu.
The team is currently bootstrapped, but is looking for funding. Sudhanshu says that this will help in building their technology and also for marketing.
By the end of this month, the team plans to launch equity and shortly after move towards currency and agri-commodity market. It is also working towards providing a technical charting platform to app holders. By 2018-19, BullBearDevice app holders will be able to access live market data of all the exchanges around the globe.
"Partnering with banks and financial institutions, mutual funds and security trading institutions will throw significant opportunities for us to grow in different ways. Currently, we're just catering to an insignificant portion of the market. Even if we target just two per cent of the Demat Account base we can get to 80,000 users. With adequate marketing spend we're capable of reaching this number pretty soon," says Sudhanshu.
Vikas Singhania of TradeSmart Online, a discount brokering firm had told YourStory earlier: “Internet penetration and increase in smartphone usage is changing the way individuals trade on the stock markets. Tech-savvy individuals between 20 and 35 years are changing the ways of trading on the stock markets, and this is stoking the growth rates witnessed by the industry. This means that there is the probability of higher growth rates in the near future.”
Some of the other apps in the space include Stock Guru for the iPad, Future Lives and AnalystRT