iTribe, a fintech startup has raised $1 million in pre-seed funding round from investors like Eximius Ventures, Kunal Shah (Cred), Incisive Ventures, and several angel investors.
Many investors including Pearl Agarwal (Eximius Ventures), the leadership team of Cred (Harish, Swami, Sreeni, Ketan), Aravind Sanka, Pavan Guntupalli, and Rishikesh SR (founders of Rapido), Reeju Datta (founder of Cashfree), Gaurav Dahake (founder of BitBns) also participated in this round.
The fintech startup plans to use the funds to build new technology tools that make adoption more accessible by the front line while accelerating the organizational adaptation needed to generate results. They aim to help users by increasing their knowledge, finding news and tools, and getting second opinions from investment professionals.
The company said in a press statement that they aim to become a holistic investment learning platform for stocks, NFTs, mutual funds and crypto.
Bengaluru-based iTribe was founded by second-time entrepreneurs Nikhil M. and Pruthvi Raj E, It helps users to learn, invest and grow in the stock market. Moreover, it is a one-stop solution for clients to receive news related to stocks, advisors, and investment ideas in real-time without any bundles.
“As users seek more customized financial services and make a collective move to digitization, the fintech industry is also rising to the occasion. Since the pandemic, retail trading has boomed, with broking accounts growing by 50 percent within nine months. However, penetration has been low among millennials. Moreover, in March 2020, out of the then 4 crore Demat accounts, 75 percent were inactive. This tendency can be attributed to the lack of knowledge, which can be solved by access to the right resources and guidance. We aim to make iTribe a place for anyone to learn and become informed investors and traders”, said, Nikhil M, Co-founder, iTribe.
The startup is running a closed beta with 10K users, of which 85 percent of the users are retained by them.
“iTribe is well-positioned to help clients make informed investment decisions by building their knowledge on different investment opportunities, helping them discover news and tools, seeking second opinions from investment professionals and enabling businesses to focus on building better”, said, Pearl Agarwal, Founder and Managing Director, Eximius Ventures.
The startup said that iTribe has around 10 customers across B2B products so far and is looking to further expand its portfolio.
About iTribe :
iTribe is on a mission to make finance from being a taboo topic to a dinner table topic, which helps in making “Bharat” financially literate and independent. iTribe is a social network that allows anyone to discover, discuss, vet ideas and seek advice from like-minded. iTribe aims at making Finance simple, witty and fun for everyone Founded in 2021 by IIT Kharagpur alumni to convert their own journey of becoming investors into a product to help a billion users. We are backed by some of the most respected investors around the world.
