Finance increase buys Moneylicious, selling to stockbrokers online More than five months after receiving the seed funding, Raise Finance Services, founded by former Paytm Money manager Pravin Jadhav, has announced its first acquisition.
It will acquire the Mumbai money laundering company Moneylicious Securities and will enter the online trading center, starting with the launch of the investment app.
Jadhav, the founder and chief executive of Raise, said that the startup would get all the membership and licenses needed to start an investment platform with acquisitions. Established in 2012, Moneylicious Securities is registered with the Securities and Exchange Board of India (SEBI), and a member of the stock exchange NSE, BSE, MCX and Central Depository Services Limited (CDSL).
“The participation of traders in the stock market has seen a dramatic increase in the last 18 months, this momentum and interest is irreversible. Most online investment platforms currently focus on financial or financial components and early investors. We believe there is a gap for existing users – large traders and long-term investors, or 90 percent of the volume on stock exchanges per day from trading. The acquisition of Moneylicious Securities enables us to enter the investment and wealth management space through a state-of-the-art technology platform designed for these clients, ”said Jadhav.
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While Moneylicious Securities is currently an offline player, Raise will now focus on making it a clean online gaming platform by introducing an invitation-only application. It will offer trading on all exchanges (BSE, NSE, MCX), across all segments (Equity, ETFs, futures, options, currency, commodities), and all types of orders.
“Our goal is to launch the app in the next 12 to 15 weeks and introduce it to the customer,” Jadhav said. Raise also plans to introduce more products across finance, insurance, investment, payments, and wealth over the next few years, in opposition to those in positions like Zerodha.
Jayprakash Gupta, founder of Moneylicious Securities has now joined Raise as Co-founder. Gupta said, “There is a great opportunity to provide a better and different Financial experience for users from the cities of Petroleum, Tier-I & Tier-II who are financially literate and literate. It is a great alliance with Raise, and I am very excited to join Raise Financial Services as its founder and Pravin on this trip. ”
Raise will continue to explore similar opportunities to get startups / ventures in financial verticals and accelerate his acquisition and strengthen his efforts to put teams in every product, technology, and performance, the company added.
Pravin Jadhav worked with Paytm mobile payment platform for three years and worked as Founder, Managing Director and CEO of Paytm Money before leaving in May 2020 to start his own business. Compiled in January 2021, Raise had announced its seed subsidy in February led by Mirae Asset Venture Investments.
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The cycle also saw the participation of many founders and CEOs including CRED Founder & CEO Kunal Shah, Flipkart CEO Kalyan Krishnamoorthy, Founders of PhonePe Sameer Nigam & Rahul Chari, Pine Labs CEO Amrish Rau , Jupiter Money Founder & CEO Jitendra Gupta among others.
