New Delhi: Startup market Pulse on Tuesday said it has raised $1.2 million at an $18.6 million post-money valuation in pre-seed funding from high net worth individuals, including Nazara Technologies founder and MD, Nitish Mittarsan; Apoorva Parekh, director, Pidilite Industries; and existing investors, including Aditya Goel, director of Apacific Services India.
Market Pulse will use this fund for its stock broking business. It has successfully completed the beta phase for its trading platform and will have a public launch in the fourth week of August.
The company continues to build and operate its data and analytics arm at 300% profit margin and zero marketing. Its flagship charting product is the highest rated stock market app on the Play Store, which has garnered over 3 million downloads and clocks 600K MAU and 260K DAU with an engagement time of 55 minutes per user per day.
MarketPulse raised a total of $1 million for its data and analytics business from Kishor Ganji, angel investor and mentor of Astir Ventures; Rashmi Kwatra, Founder and CIO of Sixteenth Street Capital; and Umashankar Nistala, CIO-Payments at Fisher, etc.
“It is fascinating to see Amit (Dhaakad) and Hiral (Jain) breaking into a tight spot and building a profitable business out of virtually nothing. I am excited to partner with him on his new direction and continued involvement in stock broking,” said Aditya Goyal, Board Member and Leading Investor.
MarketPulse said that the new direction of stock broking was a natural, inevitable development for the company, as it aims to create a huge impact with meaningful disruption that moves the trader community forward.
Amit Dhakad, CEO, MarketPulse, said, “90% of trading for the top 3 brokers is done through their mobile apps. What technology can drive for the merchant community. It is time to think differently and take a deeper look at the trader’s journey, expectations and needs.”
Commenting on future plans, Dhakad said, “We will be launching our first institutional round to fuel the development of this disruptive technology and lead the growth of our industry.”
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