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Stockal funding

stockal

Stockal, a platform that facilitates Indian retail investors to trade in listed US securities, is looking at $1 billion assets under management (AUM) as its next big target, even as the firm increases its presence in Southeast Asia and Eastern Europe.

The growth plans come after a $3 million ( ₹22.18 crore) pre-Series A funding round that the startup has raised led by Aroa Ventures, the early-stage investing vehicle of Oyo founder Ritesh Agarwal.

Cadenza Capital Management, wealth management platform Kristal.ai, startup data platform Tracxn Labs, July Ventures, and Credence Family office participated in the round, said Stockal co-founder Vinay Bharathwaj.

“In the current round, we haven’t met most of the investors in person and managed to close the round over calls and Zoom,” he said.

With the latest round, the New York-based startup, which has an office in Bengaluru, has raised $5 million since its inception. It is also in discussions with institutional investors to raise over $10 million for an upcoming Series A round.

The current round will help the startup grow its presence in Southeast Asia and Eastern Europe and also help in licensing to facilitate customers from these countries to invest via the platform.

Co-founder Sitashwa Srivastava said, “Most of these companies not only sell in India but also get their work done in India. However, the wealth distribution was always in the US. The idea is to be multi-country and add more asset classes. We have curated portfolios with asset management firms. We will launch bonds and hedge funds, which people are showing interest in.”

The platform is also assessing the collection of investments in hedge funds for fractional investments.

“We are in expansion mode and it is not even the tip of the iceberg. Currently, we are at a $100 million AUM but what it takes to get to $1 billion AUM is what we are thinking about,” said Bharathwaj.

Stockal was established in 2015 to offer investment signals for US stocks to retail investors by examining news and social media. In mid-2018, it turned to offer a platform to Indian retail investors who were looking to invest in US markets and officially rolled out the service here in January last year.

Investing in the US markets is not easy for Indian investors. Sitashwa Srivastava and Vinay Bharathwaj identified this gap and brought Stockal to India. As more and more people are understanding the importance of investment, I believe Stockal will be a very successful platform.

Shishir Gupta, Founder and CEO, StartupLanes

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