Discount broking startup TradingBells has raised Rs. 2 crore in seed funding from Mumbai-based stock broker Swastika Investmart Ltd. The startup plans to utilize the funds in hiring talent, expanding office infrastructure, technology upgradation, and customer acquisition, the company said in a statement.
Founded in 2016 by IIT Delhi alumni Parth Nyati, and former investment banker, Amit Gupta, TradingBells aims to make trading easy, accessible and transparent for retail investors by leveraging technology and automation. It offers zero brokerage on delivery based transactions, and lower of Rs. 20 or 0.01% of the turnover per executed order for intraday and F&O transactions.
Swastika Investmart Ltd is a major stock broker since 1998 with over 75,000 clients and spread across 17 states through its 90+ branches.
Commenting on the investment, Amit Gupta, Co-founder and CEO, TradingBells, said, ‘Discount broking is the future and this investment from a leading industry player like Swastika validates our belief. Since our inception this year, we have witnessed great traction in terms of customer acquisition and are already generating sizeable revenues. The funds will further help us to scale rapidly and help us realize our goal of reaching 100,000 customers and Rs 45 crs revenue within the next 3 years.’