Raise announces 100pc acquisition of Mumbai-based Moneylicious Securities
Raise Financial Services on Tuesday announced 100 pc acquisition of Moneylicious Securities, a Mumbai-based stock broker with membership of NSE, BSE, MCX, and CDSL.
The acquisition has received all required approvals from capital markets regulator SEBI, all stock exchanges (BSE, NSE, and MCX) and CDSL.
Jayprakash Gupta, Founder of Moneylicious Securities, will join Raise as Co-founder.
Post the acquisition Moneylicious Securities will operate as a 100 percent subsidiary of Raise, along with its customers, operations, business, and team members.
Founded in 2012, Moneylicious Securities is a registered stock broker, a member of all stock exchanges for all segments, and a depository participant with CDSL.
“Moneylicious held a vision to create a superior investing and trading experience for its clients and growing base of financially aware customers. There exists a large opportunity to offer better and differential experience in financial services to users from metros, Tier I and Tier II cities who are financially aware and literate. It's a great synergy with Raise, and I am thrilled to join Raise Financial Services as its Co-founder alongside Pravin in this journey,” said Jayprakash Gupta Co-founder of Raise.
According to a statement, with this acquisition, Raise aims to launch its first product, an investment app built and designed specially for super traders and long-term Investors in stock markets in the next few months.
Raise has plans to introduce multiple products across financing, insurance, investments, payments, and wealth. It continues to explore similar opportunities to acquire startups/ventures across finance verticals and accelerate its go-to-market as well as ramp up efforts setting up teams across product, technology, and operations.
Pravin Jadhav , Founder & CEO of Raise
“Retail participation in stock markets witnessed a significant increase in the past 18 months; this momentum and interest is irreversible. The acquisition of Moneylicious Securities enables us to enter the investment and wealth management space with a tech-driven platform built for super traders and long-term investors,” said Pravin Jadhav, Founder and CEO of Raise.
Incorporated in January 2021 by Pravin and based in Mumbai, Raise is a team of 75+ people and aims to expand to over 100 by the end of this year.
Earlier this year, the startup raised its first round of funding of an undisclosed amount led by Mirae Asset Venture Investments, and other prominent startup founders, along with a slew of angels.