Dwell in India, Singapore-based MarketWolf has plans to introduce inventory buying and selling to first-time buyers in additional markets. The platform introduced at present it has raised $10 million in Sequence A funding led by Singaporean enterprise capital agency Jungle Ventures and Mumbai-based Dream Capital. Returning buyers 9Unicorns, iSeed, Crescent and Riverwalk additionally participated.
This brings MarketWolf’s whole raised to $17.4 million because it was based in 2017 (it launched in India in 2020). The brand new funding can be used to construct product suite and on hiring for its product, advertising and marketing and engineering groups.
MarketWolf desires to creating buying and selling accessible to first-timers with low minimal funding quantities and a danger administration system, in addition to modules for training and studying about investing. They will spend money on choices, futures, ETFs and shares, beginning at $5. Most of its customers are within the 18 to 35 yr outdated age bracket.
MarketWolf’s risk-management options embrace setting obligatory danger and reward ranges, itemizing solely liquid devices, stopping promoting of choices to keep away from limitless danger and its observe and be taught module.
Based by Vishesh Dingra and Thomas Joseph, MarketWolf says it has seen over 1.5 million app downloads in India during the last 18 months and that its variety of buying and selling accounts and retail energetic purchasers have grown 10x year-over-year. It was listed among the many high 15 brokers by way of trades by India’s Nationwide Inventory Change (NSE) in 2021.
Earlier than co-founding MarketWolf, Dingra labored at Merrill Lynch and Barclays Capital, constructing quantitative fashions and techniques for algorithmic buying and selling in capital markets.
He advised Nob6 that he and Joseph wished to launch an funding app as a result of “we noticed that current merchandise have been centered on investing for long-term solely, and short-term buying and selling was ignored. Thomas and I’ve labored at buying and selling desks in Merrill Lynch, Morgan Stanley, and many others. and understood that there could possibly be a better, extra participating and risk-managed method of buying and selling made accessible to individuals globally.”
The startup is amongst numerous funding apps based mostly in Southeast Asia which have raised funding–and are persevering with to lift). Simply over the previous month, wealth administration platform PINA, Indonesian crypo buying and selling app Pintu and Vietnam’s Anfin, additionally for first-time buyers, have all raised enterprise capital.
Dingra mentioned MarketWolf differentiates from different funding apps with its gamified interface (a lot of its customers come from cell gaming communities) and a trading-first strategy.
“Most brokerages available in the market are investment-first merchandise, whereas MarketWolf is a trading-first product creating its personal new market section—individuals who can commerce nicely in all market circumstances, bullish, bearish, flat or risky,” he mentioned.
In a ready assertion, Jungle Ventures principal Arpit Beri mentioned, “Retail participation within the inventory market in India continues to stay abysmally low at ~3-5% and we imagine that MarketWolf has the proper product, in addition to the proper crew and experience to break-through this market.”