Fintech startup iTribe on Tuesday said it has raised $1 million in pre-seed funding from Eximius Ventures, Kunal Shah (founder, credit), Incisive Ventures as well as a group of angel investors.
The funding round saw participation from the leadership team of Cred (Harish, Swamy, Srini, Ketan), Pearl Agarwal (Eximius Ventures) and angel investors like Arvind Sanka, Pawan Guntupalli and Rishikesh SR (founder of Rapido), Riju Dutta. Founder of Cashfree), Gaurav Dahake (Founder of Bitbns).
Founded by Nikhil M and Prithvi Raj E, the company is building a trusted social network for investor experts, educators and peers. The company aims to help users by enhancing their knowledge, helping them find news and tools related to stock market investing, and helping them get opinions from investment professionals. The Bengaluru-based company aims to be a holistic investment learning platform for Stocks, NFTs, Mutual Funds and Cryptos.
“Since the pandemic, there has been a boom in retail trading, with broking accounts growing by ~50% within nine months. However, penetration among Millennials has been low. Further, in March 2020, 75% of the then 4 crore demat accounts were dormant. This tendency can be attributed to the lack of knowledge, which can be solved by access to the right resources and guidance. “We aim to make iTribe a place for anyone to learn and become a knowledgeable investor and trader,” said Nikhil M, co-founder of iTribe.
The company said it plans to use the funds to build new technology tools that make adoption more accessible by front-line while accelerating the organizational optimization needed to generate results.