[Funding alert] Social investment startup StockGro raises $32M in Series A round
, the Bengaluru-based social investment platform startup, has raised $32 million in Series A round of funding from BITKRAFT Ventures, General Catalyst, and Itai Tsiddon, who is the co-founder of Lightricks, an Israel-based unicorn.
This round of funding also saw participation from its existing investors Roots Ventures and Creed Capital Asia. Besides, a syndicate of angel investors who are founders of Base 10 Capital, Junglee Games, Nazara Technologies, and Robinhood were part of this round.
According to a statement from StockGro, this round also included a commitment for secondary financing for its early backers which would lead to multi-fold returns on their previous investments.
StockGro plans to use the funding to tap into more markets, introduce new product offerings, and ramp up its hiring across all functions.
Founded in January 2020 by Ajay Lakhotia, StockGro has raised $40 million to date, which includes the latest round of funding. This startup provides a virtual platform to enable users to learn how to invest in stock markets.
“Having set up a solid foundation, our aim is to build a disciplined culture of trading in India’s and help the digital generation of today to invest in an informed and learned manner. The funding further reinforces the faith of our investors in our vision of bringing this transformation,” said Ajay.
StockGro claimed that it has doubled its user base from five million in October 2021 to 10 million as of January 2022.
A statement from BITKRAFT Ventures said, “Gamification and competitions not only engage new and aspiring investors, but also drive superior educational outcomes with a ‘play and learn’ product. StockGro has a unique opportunity to facilitate the transition of wealth into new asset classes, not just with stocks but also with its expansion into crypto and other assets.”
According to StockGro, it plans to expand its offering to include various new asset classes including forex, commodity, crypto, gold, and bonds and add new features including technical analysis and macro trends.
On the investment into StockGro, General Catalyst said, “We were captivated by their vision to help educate Indian consumers on how to become better investors. StockGro empowers them to do so via engaging with a fun and interactive product.”