Mubai, India-based RKSV Securities, an online stock brokerage, raised $4 million in a Series A funding round. Investors included Kalaari Capital, GVK Davix and others.
Mumbai, February 12, 2016: Mumbai-based RKSV Securities (www.rksv.in), an online discount stock brokerage best known for its zero commission pricing model for investors, has raised $4 million in its Series A round of funding from Kalaari Capital, GVK Davix and others, the company said today.
Founded in 2012 by Ravi Kumar, Raghu Kumar, and Shrinivas Viswanath, RKSV is an online investing and trading platform which already accounts for close to Rs. 6,000 crores of daily traded turnover across the NSE, BSE, and MCX. As a tech-focused company, RKSV has recently launched Upstox (www.upstox.com), a mobile app that is aimed at simplifying the investing and trading experience for both professional traders and beginners. As an online-only player, RKSV has an innovative pricing model that allows free trading on equities and a nominal fee of Rs. 20 pay-per-order for professional traders.
Raghu Kumar, co-founder of RKSV spoke to the development. “We are thrilled to be working with a group of investors who share our passion for helping individuals build wealth. As it stands, only 1.5% of the population participates in the capital markets due to high brokerage costs, cumbersome trading software, and poor customer support. Without investing in the equity markets, the average Indian is actually eroding their hard earned savings, through inflation and taxes. We want to change that. Investing can be truly engaging and rewarding, and should not be prohibitively expensive to get started. We make this possible with Upstox, our mobile investing and trading app, and our zero brokerage pricing models. In 2016, we are looking to aggressively launch a full suite of products for Upstox.”
Commenting on the investment, Vani Kola, Managing Director, Kalaari Capital said “We believe consumer participation in the India equity markets will expand significantly over the next decade. India’s youth population is likely to see equity markets as a viable alternative to fixed deposits, gold and real estate. RKSV’s mobile first brokerage model is well positioned to benefit from this shift. They have a strong product and a great team. We are excited to partner with them in this journey to make financial markets accessible to millions of Indians.” Vani Kola and Bala Srinivasa from Kalaari will join RKSV’s board.
The firm also raised funds from GVK Davix, as well as other investors.
RKSV is an online brokerage firm that accounts for over Rs. 6,000 Cr. daily traded turnover across the major exchanges in India (NSE, BSE and MCX). The company helps users cut their trading costs by providing free trading for investors on the equity segment and by charging a flat fee of Rs. 20 per order on all other segments. The firm has 20,000+ nationwide users. With the launch of Upstox, a simple yet powerful investing and trading application, RKSV intends to reinvigorate the investing climate. RKSV was formed in 2012 by Ravi Kumar, Raghu Kumar and Shrinivas Viswanath and is headquartered in Mumbai.