Pravin Jadhav, the head of financial technology firm Raise Financial Services, has acquired a 100% stake in Moneylicious stock brokerage app based in Mumbai.
Following the acquisition, Jayprakash Gupta, founder and CEO of Moneylicious, has joined Raise as a co-founder and the company will operate as a wholly-owned subsidiary, Raise Financial said in a press release. The acquisition also received all required approvals from the capital markets regulator SEBI, stock exchanges (BSE, NSE and MCX) and CDSL.
Nine-year-old Moneylicious is a registered stockbroker and also a member of all stock exchanges including BSE, NSE, MCX for all segments such as cash, F&O, commodities and currencies and a depository participant with CDSL.
Raise is now aiming to launch an investment app built and designed especially for long-term traders and investors in the stock markets over the next few months. Notably, Raise also said he will continue to explore similar opportunities to acquire startups in the finance industries and to accelerate and scale up his efforts by building teams on products, technology and operations.
“Retailer participation in the stock market has grown significantly over the past 18 months, this momentum and interest is 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, Founder and CEO of Raise.
Based in Mumbai, Raise develops infrastructure products and services to serve Indians with fintech services such as finance, insurance, investment, payments and wealth. According to the company, it will focus on subways, Level I and Level II cities in India.
Currently operating with a team of over 75 people, the company aims to reach over 100 people by the end of this year.
The yet-to-launch company lifted its Mirae Asset-led tour de table in February of this year. The round saw the participation of several angel investors such as Kalyan Krishnamurthi, Sameer Nigam, Kunal Shah, Amrish Rau and Jadhav himself also invested in the round.
Prior to leaving Paytm Money in March 2020, Jadhav was a full-time director of the company and was subsequently promoted to Managing Director and CEO of the wealth management company in September 2019.