Samco Ventures Private Limited, the parent corporation of Samco Securities, has raised Series B funding of $7.5 million (Rs 49 crore), in a round that saw the participation of existing investor Bay Capital Investments.
The Mumbai-based startup helps customers with discounts on brokerage to trade in the stock market. The company had raised $3 million in a Series A round in financial year 2016.
Jimeet Modi, Founder and CEO of Samco Securities, in a press statement, said that currently the core broking operations of the company have been adequately capitalised and are generating enough free cash flow. He said,
"The company will use the new proceeds towards building its mutual fund distribution, lending capability, research and advisory businesses. This transaction allows Samco to allocate growth capital for adding business verticals, which shall aid revenue and profit contribution for the next phase of growth."
Started in March 2015, Samco Securities claims to cater to more than 75,000 customers across India. The company had recently launched StockNote, a content streaming and trading platform that aggregates and delivers news and information about stocks and sectors across India.
StockNote, which was launched in March, uses the company’s proprietary Giga Trading Engine to combine Artificial Intelligence with computing and analytical technology to customise information and analysis as per the user’s interests, watchlist and portfolio.
Siddharth Mehta, Founder, Bay Capital, noted in the press statement,
"Samco has had an impressive growth trajectory since its inception in 2015. We are also very impressed with the Samco team and the innovation that they have brought to the plate in an otherwise cluttered market. They understand the complex requirements of the market and have been successful in delivering unique solutions. We look forward to working closely towards offering unique solutions to the problems of the investor community in India."
Having A/B tested his career with engineering, sales, writing, and product management, Sampath now executes a callback function for a second stint with YourStory. Loves to eat, learn, write, travel, and take photographs. Often spotted consuming lethal doses of Dosa on the main roads of Bangalore. Tweet to him at @sampathptrvu.