Intending to Enter Online Stockbroking, Raise Financial Acquires Moneylicious


Intending to Enter Online Stockbroking, Raise Financial Acquires Moneylicious

Paytm Money CEO Pravin Jadhav’s new start up Raise Financial services has announced its first acquisition. It is all set to procure Mumbai-based stockbroking firm Moneylicious  Securities with this acquisition Raise Financial services intends to enter the online broking space, commencing with launch of an investment app.  

Pravin states that the startup would obtain all necessary memberships and licences needed to start an investment platform through the acquisition. Being establised in 2012, Moneylicious Securities is registered with the Securities and Exchange Board of India (SEBI), and also holds a member of the stock exchanges NSE, BSE, and MCX as well as the Central Depository Services Limited (CDSL).

Pravin further adds, “Retail participation in stock markets has witnessed a significant increase in the past 18 months, this momentum and interest is irreversible. Most online investment platforms are currently focused on cash or equity segments and first-time investors. We believe there is a gap for existing users – super traders and long-term investors, even as 90 per cent of volumes on stock exchanges in a day are from trading. Acquisition of Moneylicious Securities enables us to enter the investment & wealth management space with a tech-driven platform that is built for these customers.”

He continues, “Our aim is to launch the app in the next 12 to 15 weeks and present it to the customer Raise also plans to introduce multiple products across financing, insurance, investments, payments, and wealth over the next few years, pitting it against incumbents like Zerodha.”

Commenting on joining as the cofounder of Raise, Jayprakash Gupta, founder, Moneylicious says, “There exists a large opportunity to offer better and differential experience in Financial Services to users from Metros, Tier-I & Tier-II cities who are financially aware and literate. It's a great synergy with Raise, and I am thrilled to join Raise Financial Services as its Co-founder alongside Pravin in this journey.”

Raise would continue to discover similar opportunities to acquire startups/ventures across finance verticals and accelerate its go-to-market as well as ramp up its efforts setting up teams across product, technology, and operations, the company added.

Pravin Jadhav worked with mobile payments platform Paytm for three years and served as the Founder, Managing Director and Chief Executive Officer of Paytm Money before he left in May 2020 to start his own venture. Incorporated in January 2021, Raise had announced its seed round funding in February which was led by Mirae Asset Venture Investments.

Furthermore, the round also witnessed a participation from a host of notable founders and CEOs including CRED Founder& CEO Kunal Shah, PhonePe Founders Sameer Nigam & Rahul Chari, Flipkart CEO Kalyan Krishnamoorthy, Pine Labs CEO Amrish Rau, Jupiter Money Founder & CEO Jitendra Gupta among others.