ICICIdirect, one of India’s leading equity houses, has acquired a web and app-based networking platform for the investor community— Multipie. The platform enables investors to discuss, exchange ideas and share views on stocks and other investment assets.
The transaction involves acquisition of Multipie app, technology, brand, domain name, user base and other related matters.
Multipie app was launched in October 2021 and has been growing at 40 per cent plus month-on-month and enjoys a rating of 4.9 on Playstore and 4.7 on App Store, as per the company.
The startup claims that within a short period, the Multipie community has grown to be highly engaging on the back of quality content (newsletters, infographics, blogs etc.) and has moderated discussion boards where users gain market insight.
The platform is intuitive and socially integrated, enabling users to export content to their social media handles. Users can link their portfolio with the platform, allowing monitoring as well as participating in focused discussions.
Multipie runs features including stock discovery ideas, import stock portfolio, content creation with stock tags, user tags with Twitter integration and others. Being social, the platform enables members to follow each other and also share their portfolio only with the people they choose to. The company is planning to roll out a number of other features soon.
Talking about ICICIdirect, the fresh deal marks its second such deal post its investment in Asknbid, a start-up in the financial gaming space in October 2021, when it picked up a significant minority stake.
Founded by two IIT engineers, Asknbid is focused on building algorithmic investing-based technology products. It has created ‘Dstreet Games’, a learning platform that uses engaging experience, along with content and community learning, to create a practical learning approach.
On the other hand, ICICIdirect comes under I-Sec or ICICI Securities Limited (I-Sec). It is a subsidiary of ICICI Bank Ltd. The company started its operations in May 1995 and continues to grow its operation through expanding its client base and providing different types of services.
I-Sec operates www.icicidirect.com, a virtual financial supermarket, meeting the three need sets of its clients- investments, protection, and borrowing. Through its four lines of businesses — broking, distribution of financial products, wealth management and investment banking– I-Sec serves customers ranging from the retail and institutional investors to corporates to high net-worth individuals to government.
I-Sec is listed on National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).