Trading-tech startup Market Pulse has raised $1.2 million in its pre-seed funding at a $18.6Mn post-money valuation from high net-worth individuals including Nitish Mittersain (founder & MD, Nazara Technologies); Apurva Parekh (director at Pidilite Industries) ; and existing investors including Aditya Goel, director at Epacific Services India.
The startup plans to use the funds for its stock broking business. It has completed the beta phase for its trading platform and is launching it to the public in the last week of August, the startup said in a statement.
The Mumbai-based Market Pulse was founded in 2016 by Amit Dhakad and Hiral Jain, It is a stockbroker with a vision to re-imagine trading technology for the new generation of traders.
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It claims that it has continued to build and operate its data and analytics arm at 300% profit margin and zero marketing.
“90% trading for the top 3 brokers happens through their mobile apps. But, these apps are only serving as execution channels, and missing the real possibilities and significant progress that technology can drive for the trader community. It’s time to think differently and look deeply at the trader’s journey, expectations and needs”, said Amit Dhakad, founder and CEO, Market Pulse.
Commenting on their future plans, Dhakad said “We will be raising our first institutional round to fuel the development of this disruptive technology and lead the evolution for our industry.”
The startup claims that its flagship charting product is the highest rated stock market app on the Play Store, which has clocked over 3 million downloads and 600K MAU and 260K DAU with an engagement time of 55 minutes per user per day.
“It’s been fascinating to see Amit and Hiral break into a tight space and create a profitable business out of literally nothing. I am excited to continue partnering with them in their new direction and foray into stock broking.” says Aditya Goel, board member and lead investor.
Previously, Market pulse had raised $1 million in funding from Kishore Ganji (Angel Investor and Mentor at Astir Ventures), Rashmi Kwatra (Founder and CIO at Sixteenth Street Capital), and among others.
About Market Pulse
They’re a bunch of ordinary folks who like building great things with technology. In the next ten years they want these things to benefit at least half the world’s people.
As a first step in this direction, their products are giving more and more people the confidence and tools to enter, survive and thrive in financial markets. Their flagship product, Market Pulse, is India’s 3rd largest stock market app with 2 million downloads.
Today it is enabling half a million active users to make better, faster, more informed trading decisions. With a daily active user base of 225,000 people who spend an average of 45 minutes on it every day, it is also India’s most preferred technical analysis and charting app. Market Pulse can be downloaded on Android and iOS.
They’re currently gearing up to be India’s largest trading platform. Their future products will delve into market education, skills, news and building in-app trading and investing capabilities. Having started as a 3-person team in 2016, today they’re a close-knit startup of 30 people, currently in their 16th month of unbroken profitability.
Their office is located in Mumbai but, thanks to the new normal of remote working, their fast-growing team spans 13 cities across the country. they’re eager to hear from ordinary folks who like to push the boundaries of technology for the right reasons.