HDFC Bank and HDFC Securities invested USD 1 million (about Rs 7.4 crore) in Borderless Softtech, which runs global investment platform Stockal, as part of Pre-Series A funding. Borderless Softtech is a subsidiary of US-based Borderless Investing Inc.
This partnership will widen the company’s subscriber base by expanding growth opportunities to allow Indian investors to get access to over 5,500 US-listed companies fractional stocks and ETFs, according to a release issued by Stockal on Thursday. The company is planning to utilise the funding to turbocharge its growth, making it a platform of choice for Indian investors.
“This funding will enable thousands of Indian investors to get exposure to opportunities offered by the global markets as we further expand our capabilities to markets in South-East Asia and Europe, Vinay Bharathwaj, Co-CEO and co-founder of Stockal, said. Smita Bhagat, Country Head, HDFC Bank, said the funding decision was based on the strength and resilience the Stockal platform has shown in India, especially in the past few months.
Borderless Investing Inc’s brand Stockal has revolutionised the US investments space by offering seamless digital trading solutions to Indian investors since its inception. In terms of volumes, Stockal processed about USD 550 million in transactions during this financial year and by March 2021, the platform processed more than USD 50 million in monthly transactions.
Pingback: Govt exempts COVID-19 vaccine from customs duty till Dec 31