The startup has its headquarters in New York with its India office in Bengaluru and announced on Thursday that it has raised $3 Million in pre-Series A funding round to support its growth in newer markets.
Stockal helps enable Indians to make investments in global markets across various asset classes.
Accumulating this funds the company has had a total of $5 Million investments since its launch in January 2020.
Venture capital firms who participated in the round include Aroa Ventures — an investment initiative of Ritesh Agarwal’s (OYO Rooms founder) family office, Cadenza Capital Management, wealth management platform Kristal.ai, startup research platform Tracxn Labs, July Ventures, and Credence Family Office.
Vinay Bharathwaj, Co-founder and Co-CEO of Stockal said “Our startup is working towards the goal of democratising global investing. To participate in the global economy geographical boundaries should not be the constraint. With this new funding we will be able to offer unique and diversified asset classes to our customers”.
Vinay added “We have established our significant presence in India and currently managing over $100 Million, now our focus is to capture the huge potential market of about $800 billion which includes MENA and SE Asia”.
The investment company Stockal was founded with the goal to help India India to have a stake in a variety of assets — including shares, exchange-traded funds (ETFs) and hedge funds beyond domestic markets. This has opened up an avenue for retail investors to invest in stocks of large companies, starting at as low as $10 in fractional ownerships.
Since January last year, Stockal has attracted over 60,000 users from India alone, who are trading half-a-billion dollars worth of assets and amassing nearly $100 million assets under management (AUM).
Large financial institutions such as HDFC, Motilal Oswal, Geojit, and dozens of wealth management and fintech outfits in India and the Middle East have partnered with Stockal to bring cross-border investments to their own customers.
“We founded Stockal to open the best global capital markets to all global investors, enabling anyone to participate in investment opportunities anywhere in the world. This allows retail investors to access the full range of high-caliber companies, funds, and other interesting assets on a seamless and affordable fractional investing platform,” said Sitashwa Srivastava, Co-founder and Co-CEO of Stockal.