Social investment platform StockGro announced today that it has concluded a $32 million Series A round. The round was led by marquee global investors including BITKRAFT Ventures, General Catalyst, and Itai Tsiddon (Co-founder of Lightricks - Unicorn in Israel), with participation from existing backers such as Roots Ventures, Creed Capital Asia.
A syndicate of Angel investors which includes Base10 Capital Founders, Junglee Games founder Ankush Gera, Nazara Technologies founder Nitish Mittersain and Founding member of Robinhood also participated in this round.
Ajay Lakhotia, Founder & CEO, StockGro, said, "Having set up a solid foundation, our aim is to build a disciplined culture of trading in India and help the digital generation of today to invest in an informed and learned manner. The funding further reinforces the faith of our investors in our vision of bringing this transformation."
What will funds be used for?
StockGro plans to use the funding to tap into more markets, introduce new product offerings and aggressively ramp up its hiring across all functions.
Founded in January 2020 by former venture capitalist Ajay Lakhotia, StockGro is a social investment platform with a fun and interactive virtual interface that enables users to learn about and participate in stock markets. StockGro doubled its user base in the last quarter from 5 million in October to 10 million as of January 2022. “The above user base marks a significant milestone for our Company as it demonstrates strong conviction and love from our users for our platform,” commented Ajay Lakhotia on the above growth.
BITKRAFT Ventures said, “The democratization of finance and investment is an important global theme that is re-defining the culture and values of younger generations. Nowhere is this more clear than in India, where less than 2 percent of the population currently invests in the stock market. Gamification and competitions not only engage new and aspiring investors, but also drive superior educational outcomes with a "play & learn" product.”
General Catalyst added, “We are very excited to be investing in StockGro and to partner with Ajay and his ambitious team. We were captivated by their vision to help educate Indian consumers on how to become better investors.”