12 February, 2016, Mumbai: RSKV Securities gets the backing up from Kalaari Capital. The company headed the funding round by investing Rs 27 crore in an online brokerage firm, reports ET. The round also saw the participation of GVK Davis Technologies and other investors.
This is the first time that the Kalaari Capital has invested in an online discount brokerage space. Traditional brokerages like India Infoline, Sharekhan and Edelweiss have also come up with mobile applications to help customers transition from offline to online trading. The investors feel that RKSV has that additional spark which can outrun all the odds in this business. Elaborating on the same, Rutvik Doshi, Director, Inventus Capital said, “By the end of the year, we see ourselves doing an average of Rs 10,000 crore of daily traded turnover. This should make up around 2-3% of the exchange turnover.”
RKSV has recently launched its mobile app called Upstox and with the raised amount, it will be looking forward to upgrade its product, hiring quality engineers and designers for the app, which is currently at beta stage.
“We believe consumer participation in the India equity markets will expand significantly over the next decade. India’s youth population is likely to see equity markets as a viable alternative to fixed deposits, gold and real estate,” said Vani Kola, MD, Kalaari Capital.