Fintech stock trading startup MarketWolf has raised $10M in Series A funding led by Jungle Ventures and Dream Capital. Existing investors and others including 9Unicorns, iSeed, Crescent, and Riverwalk, also participated in the round.
The startup claims that with this fresh capital infusion, total capital raised by the company reached $17.4 Mn since inception.
MarketWolf intends to use this fresh round of funding to build out its product suite and to hire top talent across product, marketing and engineering functions.
Founded by Vishesh Dhingra and Thomas Joseph, to democratise the trading ecosystem with the vision of ‘Anyone Can Trade’ , MarketWolf claims to have over 1.5 Mn app downloads in India in the last 18 months.
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Targeted at first-time investors, the app aims to make the trading experience as easy and jargon-free as possible while ensuring protection against market volatility through its in-built risk management system, practice and learning modules, and low-ticket size investment options said the startup in a press statement.
It further said, on the back of this curated trading experience, the number of trading accounts and retail active clients has grown 10X compared to the same period last year, despite the volatility seen in public capital markets this year.
Founded in 2017 by Joseph and Dhingra, MarketWolf has offices in Mumbai, India & Singapore. Dhingra (CEO) and Joseph (CRO) with the vision ‘Anyone Can Trade’, MarketWolf claims to have become the leading stock trading app for mobile gamers.
Commenting on the fundraising, Vishesh Dhingra, Founder & CEO of MarketWolf said, “While building an easy and appealing user experience for anyone to trade well in stock markets, we saw the early adoption from mobile gamers. Today, we are at the intersection of two of the most popular and hyper-growth verticals in the new world – stock trading and mobile gaming – both sharing elements of high engagement, excitement, and experiential learning. With risk management at its core, MarketWolf is fast becoming the go-to stock trading platform for the mobile gaming generation, who likes to explore new and more immersive ways of doing things.”
Arpit Beri, Principal at Jungle Ventures said, “Retail participation in the stock market in India continues to remain abysmally low at ~3-5% and we believe that MarketWolf has the right product, as well as the right team and expertise to break-through this market. With its highly intuitive and gamified user interface, along with the managed risk controls, MarketWolf simplifies the trading experience making it the best-suited platform for young India to start trading like a pro. The company has already demonstrated tremendous stickiness & virality with its consumers and we are excited to be a part of their next stages of growth.”
According to MarketWolf, it pioneered the bold model of charging brokerage fees only on profitable trades. This model incentivises startups to focus on building robust products and a conducive learning ecosystem, where users can manage risks and make better trading decisions in any market condition.
Dev Bajaj, who leads Dream Capital as the Chief Strategy Officer for Dream Sports said, “We believe that disruptive gamification will happen across B2C. MarketWolf is leading this effort in fintech and we are glad to partner with them to democratize trading in India.”
As per MarketWolf, it was listed among the top 15 brokers in India in retail active clients in NSE in 2021. Going forward, the startup plans to launch more exciting products customised for the new-age retail investors and mobile gamers, while mitigating the inherent risks associated with public capital markets.