Bengaluru-based incubator Rainmatter has invested $563,600 in the online content platform Finception.
Rainmatter is an initiative by online brokerage startup Zerodha that funds and incubates innovative Indian fintech startups.
Bengaluru-based Finception publishes finance-based articles for millennials, and uses storytelling to simplify stock market reports and other finance-related content, Rainmatter said in a statement.
Finception was founded in 2018 by Indian Institute of Management-Ahmedabad graduates Bhanu Harish Gurram, Shrehith Karkera and Pawan Kumar Rai along with Lokesh Gurram, an Indian Institute of Technology-Delhi graduate.
“Most financial websites talk about stocks in a way that excludes a large group of readers from ever accessing this material without seriously pursuing the subject matter themselves. We wanted to change that by writing simple long-form articles around financial markets and specific stocks and giving free access to our readers. Our aim is to provide a platform for investors and non-investors to explore the world of finance through our easy-to-understand stories,” said Gurram, co-founder and CEO, Finception.
The company has also launched Finshots, a daily newsletter that covers financial and business news.
Finshots has also partnered with finance clubs at 20 business schools including IIM-A, Indian School of Business, Faculty of Management Studies, Narsee Monjee Institute of Management Studies (NMIMS) and SP Jain. The company claims that Finshots has over 13,000 subscribers.
“We liked the idea that a platform can explain complicated stock market activities in simple language, which is very important in a country like India, where the retail investors count is hardly 2% of the total population. This will help to spread awareness and knowledge about the markets to get more investors on the bourses,” said Nithin Kamath, founder and CEO, Zerodha.