Stock trading platform MarketWolf has finalized a $10 million Series A round that was led by Jungle Ventures and Dream Capital.
Existing investors and others such as 9Unicorns, iSeed, Crescent and Riverwalk, also took part in the investment round.
As mentioned in the update, this now brings the total funds raised by the Fintech to $17.4 million since its launch.
MarketWolf now plans to use the proceeds to build out its product suite and to recruit new talent across its product, marketing and engineering teams.
Established by Vishesh Dhingra and Thomas Joseph to “democratize” the trading industry with the goal of “Anyone Can Trade,” MarketWolf reportedly has more than 1.5 million app downloads in India during the past 18 months.
Intended for new investors, the app is deigned to make the trading experience as seamless as possible while ensuring adequate protection against excessive market volatility via its risk management system, practice / learn modules, and low-ticket size investment options.
In addition to this curated trading experience, the number of trading accounts and retail active customers have increased 10X when compared to the same period the previous year, despite the volatility seen in capital markets recently.
Vishesh Dhingra, Founder & CEO of MarketWolf, stated:
“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, remarked:
“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.”
Dev Bajaj, who leads Dream Capital as the Chief Strategy Officer for Dream Sports, noted:
“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.”
Vishesh also mentioned:
“We are extremely proud to partner with Jungle Ventures, Dream Capital and all our investors in our mission to create a global community of MarketWolves. With the average retail stock holding period going down from 8 years to 8 months over the past few decades, we believe that in future, there will be fewer Bulls or Bears and more MarketWolves – people who given the right tools, can capitalize on the latest market opportunities by adjusting their trading styles along with the change in market conditions.”