Fintech startup Univest has raised around Rs 3.8 crore or $478K in its pre-seed round from angel investors such as Pritesh Talwar, Aakash Anand, Deep Bajaj and Mohit Bajaj, Saahil Nayar, Ajay Pawah, Rahul Gambhir among others.
The proceeds will be used towards launching new products and building teams across functions, Univest said in a press statement.
Started by Pranit Arora and Avneet Dhamija, Univest is a stock market investment platform for retail investors. The launch claimed to mark the release of the Univest app 5 days back and has already onboarded around 4,000 active retail investors.
The startup also plans to offer commodities, mutual funds, startup investments and is exploring expansion opportunities in the Southeast Asian markets such as Indonesia. Univests operates in a crowded space in which several deep-pocketed players including IndWealth, Paytm Money, Zerodha and Groww are competing to grab more market share.
According to Fintrackr’s report, fintech was the top segment in terms of the number of funding in H1 2022 with 139 deals amounting to $2.8 billion. Last month, fintech startups raised $231 million across 18 deals. The list includes Jify’s $10 million round, Tartan’s $4.5 million round and Backspace Tech’s seed round among others.