Punch, a platform for stock broking, has secured $7 million in seed funding from Stellaris Venture Partners, Susquehanna Asia VC, Prime Venture Partners, and Innoven Capital.
The money will mostly be assigned to research and development (R&D) projects focused on improving user experience and covering marketing costs.
The funding round also attracted investment from notable angel investors such as Kunal Shah, the creator of Cred, Vatsal Singhal, the cofounder of Ultrahuman, and Nitish Mittersain, the founder of Nazara Technologies.
Punch is a trading platform created by Market Pulse Securities, a broker regulated by the Securities and Exchange Board of India (SEBI). The platform facilitates trading in index and stock options, as well as direct stock trading.
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Approximately 60-70% of Punch’s user base consists of young, part-time traders who have less than one year of expertise in trading. Although the company’s present emphasis is on options trading, it intends to start cash trading next month.
The platform had a beta testing period for a duration of 18 months. As of now, around 18,000 trading accounts have been established on the site, as stated by Dhakad.
Amit Dhakad, cofounder and CEO of Punch, said: “Over the next year, a chunk of the funds we have raised will be spent on innovating our products, understanding the problems by seeing what the regulator wants, and what the customer wants. We will see how we can inculcate responsible trading without really giving education to customers,”
About Punch
Founded in 2022 by Amit Dhakad, Hiral Jain, Arshad Fahoum, and Ajit Dandekar, Punch is built for first-time traders who want to build responsible trading behavior through innovative yet intuitive safety tools.
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