Signal-based trading platform Investmint has raised $2 million in seed round led by Nexus Venture Partners, with participation from other angel investors.
The Bengaluru-based startup will use the new funding to expand its product, engineering, and quantitative research teams, it said in a press release.
Founded in February 2022 by Aakash Goel and Mohit Chitlangia, Investmint offers investing and trading tools that allow investors to make investment decisions and manage their money with data-backed signals and leveraging community.
The company’s app is currently open for early adopters and will be launched full-fledgedly within the next few weeks. The company competes with several stock broking and wealth management apps such as Smallcase, IndWealth, WealthDesk and Univest. Last year, Smallcase scooped up $40 million while IndWealth raised $80 million in March this year at a valuation of $650 million. WealthDesk closed $3.2 million in its pre Series A round and univest raised seed round last month.
Nexus focuses on funding startups in sectors such as enterprisetech, consumer internet, healthcare, media, software, big data analytics and fintech among others. Its portfolio companies include Snapdeal, Shopclues, Delhivery, Rapido, Unacademy, Pratilipi, Olx, Postman and Yolobus among others. Its notable investments this year include Phyllo, Jify, Vahak, Neuron7.ai and DAOLens.