Fintech firm Pickright Technologies secures seed capital from 100X.VC, angel investors

Fintech firm Pickright Technologies secures seed capital from 100X.VC, angel investors
Photo Credit: VCCircle
28 Jul, 2020

Pickright Technologies, which runs an eponymous marketplace for stock market investors and advisors, said it has raised $175,000 in a seed funding round from serial investor Sanjay Mehta-led venture capital firm 100X.VC and a group of angel investors.

Vikram Pandya, director of fintech unit at SP Jain School of Global Management; Gaurav Gupta, chief growth officer of edtech startup Ekstep; Vivek Srivatsav, director of business solutions at Netcracker Technology; Madhavi Bollipalli, managing executive at Capita Insurance; Srinivas Paanem, CEO of Paanem Group of Investments; and Satish Bogullu, CEO of Whitestone Projects, invested in the company in this round, as per a statement.

The Bengaluru based company will use the fresh funds for product development, marketing and to position the brand in the market, the statement said.

“Saving smart and investing right is the need of the hour. Enabling through a digital platform and making investments a level playing field for all is what Pickright does. We are working on creating a smart intuitive platform which learns continuously on the user and creates a very dynamic and personalized investment portfolio for users. Our platform is an aggregator for RIAs and other investment platforms,” Archana Elapavuluri, co-founder and CEO of Pickright Technologies, said.

Elapavuluri co-founded PickRight in 2019 with Namandeep Bhatia. The company launched its first product in 2020, the same year the company appointed its third co-founder Siddharth Panjwani. While the firm’s technology team is based in Bengaluru, its strategy and sales teams work from Mumbai. The fintech platform, which claims to revolutionise the advisory space for all financial instruments, has a built-in contemporary artificial intelligence to track and monitor stock activity in real time.

“Pickright's result-driven, trusted ecosystem of SEBI-registered experts and one-click trades make it easy and intuitive for Gen Y & Gen Z to enter the stock market. We believe the market will continue to see a shift of millennials towards technology driven platforms like Pickright and will scale even further,” investor Pandya of SP Jain School of Global Management, said.

The fintech space has seen significant activity so far this month.

Last week, Bengaluru based Jodo raised $3.8 million in its first institutional funding round led by venture capital firms SAIF Partners and Matrix Partners.

Wealth management platform Finin, raised a bridge funding round, dubbed as pre-Series A round, led by venture capital firm Unicorn India Ventures.

Mumbai headquartered non-banking financial company (NBFC) InCred Financial Services raised nearly $67 million in a debt funding round to expand its loan books.