New Delhi: Pune-based micro-investing platform Decimal has raised $1 million in a pre-seed round from investors, including venture capital firms such as Unnati Labs, Agility Ventures and MyAsia VC.
Founded by CFA Level 2 and entrepreneur Satyajit Kunjir, the fintech startup enables users to start their investment journey with as little as Re 1 through mutual funds and fixed return funds.
Entrepreneurs like Gaurav Munjal, co-founder and CEO of Unacademy; Dr. Ritesh Malik, founder of Innov8 (acquired by OYO); Mukund Jha, CTO of Dunzo; and Raunak Munot, co-founder of Bombay Shaving Company, participated in the round.
The round was attended by creators such as Bhuvan Bam, Ranveer Allahabadia, Raj Shamani, Suhani Shah, Praful Billor, Varun Thakur, Viraj Sheth and Rohit Raj, as well as startup mentors such as Abhishek Ponia.
The funds will be primarily used for customer acquisition, product enhancement and onboarding talent.
According to Decimal, it aims to change the way young adults understand investing and facilitate their introduction into the investment ecosystem.
Kunjir, Founder and CEO, Decimal said, “By the age of 40, everyone wants to be rich, but till the age of 20-40, no one wants to stop living. With rising aspirations and consumption, we wanted to create a super convenient way for more young adults to get into the habit of investing without compromising on their aspirational lifestyle. We are very excited to address this issue and lift India’s investment penetration from the current low of 3.5%.”
To provide users with more ways to make micro investments regularly and achieve goals consistently, the app offers the option to invest a lump sum as well as an option to set up daily investments.
Currently available on the Google Play Store, Deciml has seen 25,000+ downloads since its inception, and so far 20 lakh in assets under management (AUM) with partners including Motilal Oswal Financial Services, Yes Bank and Lendbox.
Akshay Jain, Vice President – Investments, Unnati Labs, said, “Decimal is the piggy bank for the digital age, small inadvertent additions lead to big results. Our elders knew it, we seem to have forgotten it in the last 40 years By inculcating the habit of investing and experiencing the joys of compounding, Decimal can play a big role in reminding our younger generation of the same.”