Raise Financial Services, formed by former Paytm Money CEO Pravin Jadhav, has announced its first acquisition more than five months after collecting seed round funding. It plans to buy Mumbai-based stockbroking firm Moneylicious Securities and enter the internet broking industry with the creation of an investment app.
Raise’s Founder and Chief Executive Officer, Jadhav, told Moneycontrol that the acquisition will provide the business with all of the necessary memberships and licenses to launch an investment platform. Moneylicious Securities was founded in 2012 and is registered with the Securities and Exchange Board of India (SEBI), as well as members of the NSE, BSE, and MCX stock exchanges, as well as the Central Depository Services Limited (CDSL).
The company aims to build a tech-driven investment and wealth management platform for long-term investors. Moneylicious is the first of its kind in India to be bought by a private equity firm. Moneylicious Securities is currently an offline player, but Raise plans to transition it to a pure-play internet broking platform by launching an invitation-only investment app. Trading will be available on all exchanges (BSE, NSE, MCX), in all divisions (Equity, ETFs, Futures, Options, Currency, Commodities), and with all order types.
“Our goal is to launch the app and present it to the consumer in the next 12 to 15 weeks,” Jadhav added. Over the next five years, Raise wants to launch multiple products in the areas of financing, insurance, investments, payments, and wealth, pitting it against incumbents like Zerodha. Jayprakash Gupta, the founder of Moneylicious Securities has now joined Raise as Co-founder. Pravin Jadhav worked with mobile payments platform Paytm for three years and served as the Founder, Managing Director and Chief Executive Officer of Paytm Money. Strides Pharma Science share price climb 4%, Macquarie keeps ‘outperform’ rating. Stock has lost 22 percent in 2021 against a 14 percent gain in the benchmark Sensex. The company reported a consolidated loss of Rs 208.56 crore for the quarter ended June 30, 2021.
