Trading platform MarketWolf eyeing expansion with $10MN series A fundraise
MarketWolf, a Singapore-based company, intends to provide stock trading services to novice investors in other regions, including India. The platform said it had secured $10 million in series A investment, headed by Mumbai-based Dream Capital and Singaporean venture capital firm Jungle Ventures. Returning investors were 9Unicorns, iSeed, Crescent, and Riverwalk.
Since MarketWolf was created in 2017, it has raised $17.4 million (it launched in India in 2020). The additional investment will be utilized to develop the product line and hire new members for the engineering, marketing, and product teams.
MarketWolf aims to make trading accessible to beginners by offering low minimum investment amounts, a risk management system, and practise and education modules. The majority of its users are between the ages of 18 and 35. Starting with $5, they can invest in stocks, ETFs, futures, and options.
The risk-management features offered by MarketWolf include mandated risk and reward levels, the listing of only liquid instruments, the restriction of selling options to avoid infinite risk, and its practice and learning module.
MarketWolf, founded by Vishesh Dingra and Thomas Joseph, claims that over the past 18 months, over 1.5 million Indians have downloaded its apps and that the company’s trading accounts and active retail clients have increased tenfold. The National Stock Exchange (NSE) of India placed it among the top 15 brokers in terms of trading in 2021. Early, before co-founding MarketWolf, Dingra worked at Merrill Lynch and Barclays Capital, where he developed quantitative models and trading plans for automated trading in the stock market.
In an interview, he and Joseph explained why they decided to create an investment app. “We saw that existing products were focused on investing for long term only, and short-term trading was overlooked. Thomas and I have worked at trading desks in Merrill Lynch, Morgan Stanley, etc., and understood that there could be an easier, more engaging, and risk-managed way of trading made available to people globally.”