Micro-investing platform Deciml raises $3M in seed round led by Jainam Broking
Deciml is a round-up investing app—every time a user makes an online transaction, the platform will round up the amount to the nearest 10 and invest the spare change in a mutual fund.
Micro-investing platform Deciml has raised $3 million in a seed round led by Jainam Broking Limited. This marks Jainam Broking's first venture into startup investment.
The strategic partnership brings together Jainam's extensive financial expertise with Deciml's innovative approach to micro-investing, said a press release.
The funds will be used to accelerate growth and expand Deciml's round-up investing platform. It will also be used for user acquisition, product enhancement, and team expansion to scale to the next million users, the release said.
Deciml is a round-up investing app—this means every time a user makes an online transaction, whether via card or UPI, Deciml will automatically round up the amount to the nearest 10 and invest the spare change in a mutual fund. It has been built to make investing less daunting and more exciting for young Indians, a demographic that's tech-savvy and transacts digitally on a daily basis, yet contributes very little to the investment penetration of the country.
"The Deciml journey is at a crucial crossroads right now. We took the time to adapt our product to user needs and now, we really want to focus all our efforts and energies on scaling rapidly. At such a juncture, we truly couldn't have asked for a more wonderful investor and partner than Jainam. They have not only validated our vision but are also fuelling and shaping it," said Satyajeet Kunjeer, Founder, Deciml.
"With a legacy spanning over 20 years, Jainam Broking has always been driven by a commitment to innovation and financial empowerment. We believe in investing in technology that simplifies investing for the common man, making financial literacy more accessible and actionable," said Dishant Milanbhai Parikh, CFO at Jainam Broking Limited.
"Our investment in Deciml aligns with our vision of leveraging technology to democratise access to capital markets," he added.
Edited by Swetha Kannan