19 December 2016, India:
Discount-broking startup TradingBells announced today that it has raised Rs 2 crore as seed funding from leading Mumbai-based stock broker Swastika Investmart Ltd.
The startup plans to utilize the funds in hiring talent, expanding office infrastructure, technology upgradations and customer acquisition.
Amit Gupta, Co-founder and CEO, TradingBells, said, ‘Discount broking is the future and this investment from a leading industry player like Swastika validates our belief. Since our inception this year, we have witnessed great traction in terms of customer acquisition and are already generating sizeable revenues. The funds will further help us to scale rapidly and help us realize our goal of reaching 100,000 customers and Rs 45 crore revenue within the next 3 years.’
Reflecting on this milestone, Parth Nyati, Co–founder and COO, TradingBells, said, “With Swastika’s successful track record of 18 years in the broking business, we are privileged to have on board an investor and mentor who can help transform our vision into reality. The association holds tremendous synergy for both players as TradingBells can leverage Swastika’s state of the art technology and nationwide presence to accelerate growth, while Swastika gets a presence in the discount broking space, making their offering end-to-end”.
Vinit Rathi, VP-Marketing, Swastika Investmart said, “With over 200 million people [age group: 18-55, with a minimum earning and savings capacity] who are eligible to invest in stock markets, there is enormous room for growth. Coupled with the fact that the popularity of discount broking has been soaring in the last few years and we have been planning to foray into the space for some time now. In Amit and Parth we saw a team that had the talent, experience and passion to set up a successful business. With this seed funding, we want to forge a long-term partnership with Trading Bells to build a robust and profitable company.”
TradingBells is a discount broking company, offering share, commodity and currency broking services to Indian traders. With a vision of making trading easy and transparent for retail investors, the company leverages technology to offer seamless trading to customers through its branches in over 80 cities and 680 plus channel partners. Trading Bells provides zero brokerage on delivery based transactions, and lower of Rs. 20 or 0.01% of the turnover per executed order for intraday and F&O transactions.