Bengaluru-based fintech startup, iTribe has raised $1 million in a funding round from investors such as Eximius Ventures, Kunal Shah (Cred), Incisive Ventures, and several angel investors.
The Cred leadership team (Harish, Swami, Sreeni, Ketan), Pearl Agarwal (Eximius Ventures), and angel investors such as Aravind Sanka, Pavan Guntupalli, and Rishikesh SR (founders of Rapido), Reeju Datta (founder of Cashfree), Gaurav Dahake (founder of Cashfree) took part in the investment round (founder of BitBns).
According to a prepared corporate statement, iTribe wants to use the funding to develop new technology solutions that make front-line adoption more accessible.
The startup, founded by second-time entrepreneurs Nikhil M. and Pruthvi Raj E., aims to assist users in making investment decisions, discovering news and tools, and seeking professional advice.
In a statement, iTribe stated that its goal is to create a comprehensive investment learning platform for stocks, NFTs, mutual funds, and cryptos.
Retail trading has exploded since the epidemic, said to Nikhil M, creator of iTribe, with brokerage accounts increasing by roughly 50% in only nine months. Millennials, on the other hand, have had a low level of adoption.
“In March 2020, out of the then four crore demat accounts, 75% were inactive. This tendency can be attributed to the lack of knowledge, which can be solved by access to the right resources and guidance. We aim to make iTribe a place for anyone to learn and become informed investors and traders,” she said.
iTribe now has roughly ten clients who use business-to-business (B2B) solutions and is trying to expand its portfolio.
