Hotline: 1800 102 2007
X
Search Business Opportunities
Apr, 30 2018

online stock broker Samco secures $7.5 mn Funding from Bay Capital

Founded in 2015, the startup is run by Samco Ventures Private Limited. It claims to have over 75,000 customers across India and it sees the new verticals fuelling its next phase of growth.

In a round led by Bay Capital Investments, Mumbai-based online broker firm Samco Securities has raised $7.5 million (Rs 49 crore) in a Series B, the firm said. The round was also attended by promoters, undisclosed existing backers, and high-net-worth individuals whom the startup did not identify.

The firm, which runs mobile trading app StockNote, aims to use the funds to start new verticals for mutual-fund distribution, lending, and research and advisory.

Jimeet Modi, founder and chief executive of the startup, “The core broking operations of the company are adequately capitalised and are generating enough free cash flow. The funds raised will allow Samco to allocate some money for growth, apart from investing in artificial intelligence and analytical technology.”

Founded in 2015, the startup is run by Samco Ventures Private Limited. It claims to have over 75,000 customers across India and it sees the new verticals fuelling its next phase of growth.

Samco Securities, which had previously raised Rs 20 crore ($3 million) in a Series A round in 2016, said it was looking to grow revenue by 100% for the current financial year ending March 2019.

“Samco has had an impressive growth trajectory. We are impressed with the innovation that they have brought in an otherwise cluttered market. They understand the complex requirements of the market and have been successful in delivering unique solutions to the investor community in India,” said Siddharth Mehta, founder of Bay Capital.

Another mobile solution launched by the startup last month is StockNote, a content streaming and trading platform that aggregates and delivers news and information about stocks and sectors across India. The application uses the company’s proprietary Giga Trading Engine, which is an artificial intelligence and analytics platform.

While the application has notched up over 50,000 downloads in a month, the company is expecting over 500,000 downloads over the next few months.

Comment
Related opportunities
  • Women's clothing
    About: Indian Wedding Dresses on Rent are available at Popin Designer..
    Locations looking for expansion Maharashtra
    Establishment year 1987
    Franchising Launch Date 2017
    Investment size Rs. 50lac - 1 Cr.
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Quick Service Restaurants
    About Us  Wafflin' Around is a waffle cafe in the heart..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • About Us: School of International Languages promises excellent learning atmosphere to..
    Locations looking for expansion Delhi
    Establishment year 1982
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 800
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Fine Dine Restaurants
    Having the spirit of an entrepreneur for building a successful..
    Locations looking for expansion Gujarat
    Establishment year 1980
    Franchising Launch Date 2000
    Investment size Rs. 50lac - 1 Cr.
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Ahmedabad Gujarat
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities