Stockal, a cross-border investment platform, has raised $9 million as part of its Series A round of funding.
The investors in this round include Hashed, PEAK6, ARC Group Ventures, Trica, 7Square, AZ Ventures, Czar Capital, Riso Capital, and existing investors of Stockal.
Stockal, which is headquartered in New York with an India office in Bengaluru, will be using this funding round to expand its reach and enter the South East Asia market. It already has a presence in the MENA region, with an office in Dubai and partnerships the in UAE, Oman, and Bahrain.
Stockal Founders Sitashwa Srivastava and Vinay Bharathwaj said, “The last couple of years have highlighted that there is tremendous appetite among retail investors to make their money borderless and they will make the leap provided the required ecosystem is available. We are working very closely with banks and regulators in all our markets to make Stockal an extremely seamless platform."
Building global leadership
Stockal has processed more than $750 million worth of transactions in the last 20-odd months for Indian investors looking to make investments overseas.
Simon Kim, CEO and Managing Partner at Hashed, said, “We are very bullish on the global investing trend. As financial boundaries are becoming smaller, people in Asia are looking at investing options which are global and democratic. We believe Stockal has the right ingredients to build global leadership in this space."
Stockal had previously raised about $4million from HDFC, AROA Ventures, Cadenza Capital, July Ventures, and others.
This startup has also got partnerships with financial services firms such as HDFC, Motilal Oswal, IIFL, Geojit, Scripbox, JM Financial, Centrum Wealth etc to offer their customers a global investing platform.
Given the strong momentum in stock markets across the globe, there has been a new breed of retail investors keen to place their bets in overseas countries.
Edited by Teja Lele Desai