iTribe raises $1 million in pre-seed funding from Eximius Ventures, Kunal Shah, others
iTribe is on a mission to make finance from being a taboo topic to a dinner table topic, which helps in making “Bharat” financially literate and independent. iTribe is a social network that allows anyone to discover, discuss, vet ideas and seek advice from like-minded. iTribe aims at making Finance simple, witty and fun for everyone Founded in 2021 by IIT Kharagpur alumni to convert their own journey of becoming investors into a product to help a billion users. We are backed by some of the most respected investors around the world.
Eximius Ventures, Kunal Shah (Cred), Incisive Ventures, and other angel investors have announced that Bengaluru-based fintech firm iTribe has acquired $1 million in pre-seed fundraising.
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 (creator of Cashfree), Gaurav Dahake participated in the pre-Seed investment round (founder of BitBns).
The funds will be used by iTribe to develop new technology tools that will make front-line adoption considerably easier, allowing the organization to adapt faster and generate better results. Its mission is to empower customers to make better financial decisions by enhancing their knowledge, assisting them in discovering new information and tools, and obtaining second opinions from investing professionals. Moving forward, the company aspires to become a comprehensive investment learning platform for stocks, non-traded securities, mutual funds, and cryptocurrencies, according to a press release.
iTribe is a stock market learning, investing, and growth platform founded by second-time entrepreneurs Nikhil M. and Pruthvi Raj E. It is a one-stop-shop for customers who want to get real-time news about stocks, advisers, and investment ideas without having to sign up for anything.
"As people desire more tailored financial services and make a collective move to digitization, the fintech industry is rising to the occasion," said Nikhil M, co-founder of iTribe. Retail trading has exploded since the outbreak, with brokerage accounts increasing by 50% in only nine months. Millennials, on the other hand, have had a low level of adoption. Furthermore, 75% of the 4 crore Demat accounts remained dormant as of March 2020. This is due to a lack of information, which may be remedied by having access to the correct resources and assistance. We want iTribe to be a platform where everyone can learn and grow as investors and traders."
"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," said Pearl Agarwal, Founder, and Managing Director, Eximius Ventures.
iTribe is now running a closed beta with 10,000 participants, with 85 percent of those individuals being retained. Their goal is to empower 70% of India's population to make educated investing decisions. iTribe now has roughly 10 B2B clients and is trying to expand its portfolio, according to the company.