Stockal Software Private Ltd, an app based investment advisory service, has raised $350,000 from its existing investors. This is the second round of funding for the Bengaluru-based company, reported VCCircle.
Two existing investors, Mohan Alexander founder of Amba Research and R. Natarajan, COO and CFO of RNT Capital Advisers have led the funding. Besides,Vikrant Varshney of SucSEED Venture Partners and New York-based investment banker and portfolio manager Amit Sinha also participated in this round, along with a few other angels.
“The money will be used to upgrade the product, penetrate the market further and expand its network of experts. We are also investing in building a proprietary algorithm that can make an investment decision more easy and personal. We are covering 6.5 million data points per day to recommend stocks suited to an individual’s investment style,” Sitashwa Srivastava, co-founder of Stockal.
“On the social media front, we have become mature. We structure it based on your personal investment style. We also provide views on what the future of a company looks like, and its projected revenues over the next few quarters. Then there is news and analyst reports as well,” he added.
Stockal was founded in 2015 by Srivastava and Vinay Barathwaj, has about 30,000 registered users on its advisory platform. Both of them came from complementary backgrounds, Srivastava was the founder CEO of Jade Magnet Online Pvt Ltd while Bharathwaj ran a $300-million hedge fund that focussed on carbon credits.
Stockal aggregates information, curates intelligence & creates experiences that make investing easy & pleasurable for new age investors. The platform used to analyse social media chatter to provide investment signals for US-listed stocks. It offers personalized, automated intelligence, real-time media analytics, insider trade alerts and analyst intelligence for stock portfolio.
Last year Stockal also added a brokerage platform and now the company has tied up with 11 brokers, including Fideity and TradeKing for the services. As per company’s portfolio Stockal Inc is not a broker-dealer and has no affiliation with a broker-dealer.
In recent, a slew of online investment platforms like MaxMyWealth and Nivesh.com have been funded. MaxMyWealth has raised an undisclosed amount by UK based firm while Nivesh.com has got its angel round of funding from VCCircle founder PV Sahad, former head of investor relations at Infosys Sandeep Shroff and Right Global Infosolutions CEO Rahul Gupta.