Market Pulse announced on Tuesday that it has raised $1.2M in pre-seed funding at a $18.6M post-money valuation from HNIs including Founder & MD of Nazara Technologies Nitish Mittersain, Director at Pidilite Industries Apurva Parekh, and its existing investors including Director at Epacific Services India Aditya Goel.
Market Pulse will use the funds for its stock broking business. It has successfully completed the beta phase for its trading platform and is launching it to the public in the 4th week of August, it said in a statement.
In the past, the company has built and continues to operate its data and analysis arm at a 300% profit margin and zero marketing. Its flagship charting product is the highest rated stock market app on play store, which has garnered over 3M downloads and sees 600K MAU and 260K DAU with an unprecedented engagement time of 55 mins per user per day.
Market Pulse has previously raised a total of $1M for its data and analysis business from Kishore Ganji (Angel Investor and Mentor at Astir Ventures), Rashmi Kwatra (Founder and CIO at Sixteenth Street Capital), and Umasankar Nistala (CIO-Payments at Fiserv), amongst other notable angels and HNIs.
“It’s been fascinating to see Amit and Hiral break into a tight space and create a profitable business out of literally nothing. I am excited to continue partnering with them in their new direction and foray into stock broking.” says Aditya Goel, board member and lead investor.
The new direction of stock broking was a natural, inevitable evolution for the company, as it aims to create a bigger impact with meaningful disruption that moves the trader community forward, the company said.
CEO Amit Dhakad comments “90% trading for the top 3 brokers happens through their mobile apps. But, these apps are only serving as execution channels, and missing the real possibilities and significant progress that technology can drive for the trader community. It’s time to think differently and look deeply at the trader’s journey, expectations and needs.”
Commenting on their future plans, Dhakad said “We will be raising our first institutional round to fuel the development of this disruptive technology and lead the evolution for our industry.”