Bengaluru-based fintech startup iTribe raises $1M in funding

Bengaluru-based fintech startup, iTribe, has announced it has raised $1 million in pre-Seed funding from investors such as Eximius Ventures, Kunal Shah (Cred), Incisive Ventures, and several angel investors.

The pre-Seed funding round saw participation from the leadership team of Cred (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 BitBns).

Bengaluru-based fintech startup, iTribe, has announced it has raised $1 million in pre-Seed funding from investors such as Eximius Ventures, Kunal Shah (Cred), Incisive Ventures, and several angel investors.

The pre-Seed funding round saw participation from the leadership team of Cred (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 BitBns).

iTribe plans to deploy the funds to build new technology tools that make adoption by the front line much more accessible, accelerating the organizational adaptation needed to produce results. Their goal is to help users make informed investment decisions by increasing their knowledge, helping them discover news and tools, and seeking second opinions from investment professionals. The company aims to become a holistic investment learning platform for Stocks, NFTs, Mutual Funds, and Cryptos moving further, it said in a press statement.

Founded by second-time entrepreneurs Nikhil M. and Pruthvi Raj E, iTribe helps users learn, invest and grow in the stock market. It is a one-stop solution for customers to get news related to stocks, advisors and investment ideas in real-time without any bundle.

Nikhil M, Co-founder, iTribe said, “As users seek more customized financial services and make a collective move to digitization, the fintech industry is also rising to the occasion. Since the pandemic, retail trading has boomed, with broking accounts growing by 50 percent within nine months. However, penetration has been low among millennials. Moreover, in March 2020, out of the then 4 crore Demat accounts, 75 percent 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.”

Pearl Agarwal, Founder and Managing Director, Eximius Ventures said, “iTribe is well-positioned to help clients make informed investment decisions by building their knowledge on different investment opportunities, helping them discover news and tools, seeking second opinions from investment professionals and enabling businesses to focus on building better.”

As of now, iTribe is running a closed beta with 10K users out of which 85 percent of the users have been retained by them. Their vision is to enable 70 percent of the Indian population to make informed investment decisions. iTribe as of now has around 10 clients from B2B products and are looking to increase their portfolio further, it said. Free Press Journal