Angel One acquires Dstreet Finance team; to expand consumer financial services suite
This move comes on the heels of Angel One's recent in-principle approval from the SEBI to sponsor a mutual fund.
Fintech broking platformhas acquired the team of Dstreet Finance, a Bengaluru-based fintech startup. This, the company said, is its first acquisition of a tech startup team.
The team at Dstreet Finance has joined Angel One to spearhead content, user engagement and learning related initiatives. This development paves the way for Angel One to expand its suite of consumer financial services, said Angel One, in a statement.
"The integration of the Dstreet team is a strategic move towards enhancing our offerings for the next-generation clients and aligns with our vision of evolving into a comprehensive fintech company," said Dinesh Thakkar, Chairman and Managing Director of Angel One.
This move comes on the heels of Angel One's recent in-principle approval from the Securities and Exchange Board of India (SEBI) to sponsor a mutual fund—a significant development for Angel One and its clients alike, said the company.
Besides mutual funds and SIPs, Angel One will also be expanding its customer solutions into asset management, wealth management, insurance, and lending products. With an emphasis on consumer credit products, it aims to provide a complete financial solution for clients, reinforcing its goal to be the go-to financial platform for all.
Founded by Dinesh Thakkar, Angel One has steadily risen to become India's largest listed retail stockbroking business in India, in terms of NSE active clients. With a net profit of Rs 8.9 billion for FY23, Angel One claims to be serving 17+ million clients today.
"The Dstreet team brings a proven track record in crafting highly engaging content experiences for digital-native audiences, which perfectly aligns with our mission of delivering a distinct and superior product experience for the GenZ user. We're eager to explore the possibilities this collaboration holds for us," said Prateek Mehta, Chief Business Officer at Angel One.
Founded by Suresh Bavisetti and Paarth Dhar, Dstreet Finance specialises in content and engaging learning experiences tailored for emerging stock market investors. Since its establishment in April 2021, the platform has served over one million users and raised investments from notable backers, including ICICI Securities, Expert Dojo, Archana Priyadarshini, and Mumbai Angels.
"Our mission remains unchanged—fostering engagement and learning experiences for newcomers in the world of stock market investments. We’re grateful for the trust Dinesh and Prateek have placed in us and are excited to join the team at Angel One," added the founders of Dstreet Finance.
(The copy was updated to correct a factual error.)
Edited by Suman Singh