Raise de Pravin Jadhav acquires stock broker Moneylicious
Raise Financial Services is an advanced equity trading platform that offers data-driven decisions made possible by real-time information and signals.
Raise to launch investment app by end of 2021
Moneylicious Securities will operate as a 100% subsidiary of Raise Financial Services
Raise Financial Services, former Paytm Money CEO Pravin Jadhav, fintech start-up Raise Financial Services, has acquired Mumbai-based stock broker Moneylicious Securities.
As part of the deal, Moneylicious CEO and Founder Jayprakash Gupta will join Raise as a co-founder.
Founded in 2012, Moneylicious Securities is a registered securities broker and member of all stock exchanges (BSE, NSE, MCX) for all segments (cash, F&O, commodities and currencies) and a depository participant with CDSL.
The acquisition has received all required approvals from the capital markets regulator SEBI, stock exchanges (BSE, NSE and MCX) and CDSL.
Founded in 2021 by Former Paytm Money CEO Pravin Jadhav, Raise plans to create technology-driven consumer products through financial services, including finance, insurance, investments, payments and wealth.
Acquiring Moneylicious is the first step in building an investment and wealth stack for Raise. “Each of us at Raise is now preparing to step into the investment and wealth management space. We are on track to launch our first product by the end of 2021. We aim to build India’s most advanced technology investment platform, ”the company said.
Following the acquisition, Moneylicious Securities will operate as a wholly-owned subsidiary of Raise Financial Services with its clients, operations, businesses and team members.
To augment had raised its first round of funding from Mirae Asset Venture Investment earlier this year in February.
In his acquisition announcement, Jadhav said, “Over the years people have gotten smarter about investing, but not the products they use. There is little to no innovation, hard to use apps, most of them look the same for years, or are just plain boring.
Raise aims to create products and services focused on a specific audience and population – financially savvy users in subways and Tier 1 and 2 towns and villages.
“The participation of retailers in the stock markets has increased significantly over the past 18 months. This enthusiasm and interest are irreversible. The acquisition of Moneylicious Securities allows us to enter the investment and wealth management space with a technology platform designed for super traders and long-term investors, ”said Jadhav.
To grow, Zerodha, Pay money, INDMoney are some of the active investment technology platforms in India.