Discount broking startup TradingBells raised seed funding of Rs. 2 crs from Swastika Investmart Ltd – a Mumbai-based stock broker. The startup plans to utilise the funds in hiring talent, expanding office infrastructure, upgrading technology and customer acquisition. “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,” Amit Gupta, Co-founder and CEO, TradingBells said.
TradingBells aims to make trading easy, accessible and transparent for retail investors by leveraging cutting edge technology and automation. They offer 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 upto 22x on equity and upto 7x on Commodity trading, as well as free trading and demat account opening with zero balance for customers.
TradingBells claims to have received great traction in terms of customer acquisition and are already generating sizeable revenues and cites Swastika’s investments as a validation. Also, with the latter’s track record of 18 years in the broking business, TradingBells receives more than just an investor but a mentor as well who they are hoping will transform their vision into reality. Speaking on this, Parth Nyati, Co–founder and COO, TradingBells, said, “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.”
Swastika Investmart Ltd has 90+ branches across 17 states with over 75,000 clients and is a major stock broker since 1998. With the popularity of discount broking increasing, they have been considering a foray into the segment for some time. According to Vinit Rathi, VP-Marketing, Swastika Investmart Ltd, India has over 200 mn* people (within the age group of 18-55 and a minimum earning and savings capacity) that are eligible for investments in stock markets – meaning there is enormous room for growth. He believes that Amit and Parth have the right team to set up a successful business and through this seed funding, is looking to “forge a long-term partnership with Trading Bells to build a robust and profitable company.”