Indore based discount broking startup TradingBells, today announced that it has raised Rs 2 crs 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 upgradation and customer acquisition.
Founded in 2016 by IIT Delhi graduate and technology & finance professional, Parth Nyati, and chartered accountant and former investment banker, Amit Gupta, TradingBells aims to make trading easy, accessible and transparent for retail investors by leveraging cutting edge technology and automation. It offers 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. It is among the few players to offer high leverage of up to 22x on equity and up to 7x on Commodity trading, as well as free trading and demat account opening with zero balance for customers. Swastika Investmart Ltd is a major stock broker since 1998 with over 75,000 clients and spread across 17 states through its 90+ branches.
Commenting on the development, Mr. 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 crs revenue within the next 3 years.’
Reflecting on this milestone, Mr. 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 nation-wide presence to accelerate growth, while Swastika gets a presence in the discount broking space, making their offering end-to-end”.
“With over 200 mn* 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”. said, Mr. Vinit Rathi, VP-Marketing, Swastika Investmart Ltd.