Fintech startup iTribe on Tuesday said it has raised $1 million in pre-seed funding from Eximius Ventures, Kunal Shah (founder, Cred), Incisive Ventures along with a clutch of angel investors.
The funding round also saw participation from the leadership team of Cred (Harish, Swami, Sreeni, Ketan), Pearl Agarwal (Eximius Ventures) and angel investors such as Aravind Sanka, Pavan Guntupalli and Rishikesh SR (founders of Rapido), Reeju Datta (founder of Cashfree), Gaurav Dahake (founder of BitBns).
Founded by Nikhil M. and Pruthvi Raj E. the company is creating a trusted social network for investor experts, teachers and peers. The company’s goal is to help users make informed investment decisions by increasing their knowledge, helping them discover news and tools related to stock market investment and heping them get opinions from investment professionals. The Bengaluru-based company aims to become a holistic investment learning platform for stocks, NFTs, Mutual Funds, and Cryptos moving further.
“Since the pandemic, retail trading has boomed, with broking accounts growing by ~50% within nine months. However, penetration has been low among millennials. Moreover, in March 2020, out of the then 4 crore Demat accounts, 75% were inactive. 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 informed investors and traders,” said Nikhil M, co-founder, iTribe.
The company said it plans to use the funds to build new technology tools that make adoption by the front line much more accessible, accelerating the organizational adaptation needed to produce results.