Pravin Jadhav led fintech company Raise Financial Services has acquired a 100% stake in Mumbai-based stock broking app Moneylicious.
Following the acquisition, Jayprakash Gupta, founder and CEO of Moneylicious has joined Raise as a co-founder and the company will operate as its fully-owned subsidiary, said Raise Financial in a press statement. The acquisition has also received all required approvals from capital markets regulator SEBI, stock exchanges (BSE, NSE, and MCX) and CDSL.
Nine-year-old Moneylicious is a registered stockbroker and also a member of all stock exchanges including BSE, NSE, MCX for all segments such as cash, F&O, commodities and currency and a depository participant with CDSL.
Raise now aims to launch an investment app built and designed especially for traders and long term investors in stock markets in the next few months. Notably, Raise also said that it will continue to explore similar opportunities to acquire startups across finance verticals and to accelerate as well as ramp up its efforts setting up teams across product, technology, and operations.
“Retail participation in stock markets witnessed a significant increase in the past 18 months, this momentum and interest is irreversible. Acquisition of Moneylicious Securities enables us to enter the investment & wealth management space with a tech-driven platform that is built for Super Traders and Long Term Investors,” said Jadhav, founder and CEO of Raise.
Based out of Mumbai, Raise is building products and infrastructure services to serve Indians with fintech services such as financing, insurance, investing, payments and wealth. According to the company, it will focus on metros, tier-I and tier-II cities in India.
Currently operating with a team size of over 75 people, the company aims to expand to over 100 by the end of this year.
The yet to be launched company raised its seed round led by Mirae Asset in February this year. The round saw the participation of several angel investors such as Kalyan Krishnamurthi, Sameer Nigam, Kunal Shah, Amrish Rau and Jadhav himself also invested in the round.
Before leaving Paytm Money in March 2020, Jadhav was serving as the whole-time director of the company and was later elevated to MD and CEO of the wealth management firm in September 2019.
