Online stock brokerage firm Zerodha has invested Rs 2.5 crore as seed fund in Sensibull, a startup working in the options trading business.
The early-stage firm plans to invest the funds to hire engineering talent to strengthen its tech team.
This is the first investment by Zerodha after getting licence from the Reserve Bank of India to operate as a non-banking finance company in the country.
Founded by Abid Hasan, Sensibull claims to be India’s first options trading platform, offering everything from simplified options trading for new investors to powerful trading tools for the pros.
Currently running with a six-member team, the startup attempts to create possible scenarios for investors so that they can take the best decision while placing bets.
Sensibull claims to have around 20,000 logins into the platform, with 3,000 people being on the platform every day.
The startup was incubated by fintech fund and startup incubator Rainmatter, a Bengaluru-based incubator, a startup initiative by Zerodha.
The incubator has so far invested in eight fintech startups, including Tradelabs, Smallcase, Digio, Balance, Neotrade, Sensibull and Streak.
While Streak got seed funding in January from Rainmatter, the expense management app Balance Tech was recently acquihired by payments major Paytm.
For Zerodha, the investment will increase its footprint and userbase in India. The eight-year-old startup has 25 branches and 97 partner offices and user base of over 9 lakh in the country.
The firm has witnessed a remarkable growth in the recent past and has added clients at a rate of 349 per cent during the current financial.
The development was reported by ET.