The funding round saw participation from the leadership team of Cred (Harish, Swami, Sreeni, Ketan), Pearl Agarwal (Eximius Ventures) and angel investors such as Aravind Sanka, Pavan Guntupalli and Rishikesh SR (founders of Rapido), Reeju Datta (founder of Cashfree), Gaurav Dahake (founder of BitBns).
iTribe plans to deploy the funds to build new technology tools that make adoption by the front line more accessible, a prepared company statement said.
Founded by second-time entrepreneurs Nikhil M. and Pruthvi Raj E., the startup aims to help users make investment decisions, help them discover news and tools, seek opinion from investment professionals.
iTribe aims to become a holistic investment learning platform for stocks, NFTs, mutual funds, and cryptos, it said in a statement.
Nikhil M, cofounder of iTribe said that the retail trading has boomed since the pandemic, with broking accounts growing by around 50% within nine months. But the penetration has been low among millennials.
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“In March 2020, out of the then four crore demat accounts, 75% were inactive. This tendency can be attributed to the lack of knowledge, which can be solved by access to the right resources and guidance. We aim to make iTribe a place for anyone to learn and become informed investors and traders,” she said.
iTribe as of now has around 10 clients from business-to-business (B2B) products and is looking to increase their portfolio further.
