StockGro concluded a Series A funding round with $ 32 million. The funding round was led by some of the marquee global investors, including BITKRAFT Ventures, General Catalyst, and Itai Tsiddon, with participation from existing backers Roots Ventures, Creed Capital Asia and a host of angel investors, including Base10 Capital founders, Junglee Games founder Ankush Gera, Nazara Technologies founder Nitish Mittersain and founding member of Robinhood.

The company says participation from existing investors also included commitment for secondary financing for firm’s early backers which would lead to multi-fold returns on their previous investments.

StockGro was found in 2020 by former venture capitalist Ajay Lakhotia who is also its CEO. The fintech start-up is a social investment platform with an interactive virtual interface that enables users to learn about and participate in stock markets. The company said it has doubled its user base in the last quarter from five million in October 2021 to 10 million as of this month.

Lakhotia says, “having set up a solid foundation, our aim is to build a disciplined culture of trading in India’s and help the digital generation of today to invest in an informed and learned manner. The funding further reinforces the faith of our investors in our vision of bringing this transformation.”

The company says the capital raised in funding is used to tap into more markets, introduce new product offerings and aggressively ramp up its hiring across all functions.

The current funding round is the largest Series A rounds raised by fintech start-ups in India, raising the total funding commitments for the Bengaluru-based company to about $ 40 million.

BITKRAFT Ventures says, “the democratization of finance and investment is an important global theme that is re-defining the culture and values of younger generations. Nowhere is thisclearer than in India, where less than two percent of the population currently invests in the stock market. Gamification and competitions not only engage new and aspiring investors, but also drive superior educational outcomes with a 'play & learn' product. StockGro has a unique opportunity to facilitate the transition of wealth into new asset classes, not just with stocks but also with its expansion into crypto and other assets, and we are proud to be working with Ajay on the front lines of this transformation.”