Community Investment Start-up Threedots Garners $4 Million from Kalaari Capital & Others
Threedots, a community investment business, has garnered $4 million in a seed round headed by Kalaari Capital. Better Capital, Kunal Shah (Cred), Cloud Capital, Ramakant Sharma (Livspace), Lalit Keshre (Groww), iSeed, Jitendra Gupta (Jupiter), Amrish and Sweta Rau (Pine Labs), and others were also present.
Rishu Garg, Akul Agarwal, and Prakhar Bhardwaj, all BITS Pilani alumni who previously worked together at Groww, founded Threedots in March 2021. The founders have product and scaling experience, having worked with companies such as Clear (previously Clear) and smallcase.
The Threedots team intends to use the funds raised to improve its product offerings and expand its team.
Rishu Garg, cofounder of Threedots, said of the fundraising effort, “our vision is to make threedots the next-gen community investment platform where people can learn, discuss & invest all at one place. Our goal is to shape and empower the investment ecosystem in India.”
Threedots' solutions fill a need in comprehending numerous investment possibilities and selecting the best one for oneself. This is appropriate for everyone, particularly millennials and first-time investors.
According to the firm, India has 200 million people with investable income, but only 30 million investors. Making investing simple is the only way to bring the next 170 million people on board. Threedots wants to take the lead in making things simpler for the future generation.
Apart from stock investment, Threedots' app provides users with a daily dose of financial news and a finance-focused community. It gives members the opportunity to tap into the expertise and experience of stock/crypto market specialists. It helps people make better judgments by bridging the gap between market experts and users.
Garg further said, “we want to change the financial life of the next 100 Mn users in India who will be using financial services for the first time and help them create wealth. At threedots, we always practice & believe in hyper trust – within our users & our team, which was missing in the industry for so long.”
Kiran Vasireddy, a Kalaari Capital partner and former Paytm COO, said, “Equity investments in India are expected to witness strong growth backed by the increased information access brought by platforms going digital. With current penetration only at 5%, there is a huge opportunity for a platform to help millennials come and learn from financial influencers the art of investing. We are impressed with Rishu and the team’s strong experience in building consumer internet products and excited to partner with them in their journey as they build threedots for the world.”
The startup is aimed at young people who are new to investing and don't have access to a connected network where they can talk about investing and the markets with like-minded people and stay up to speed on current events.
The company claims to have onboarded 100+ market professionals that advise users in their community, as well as relationships with Groww, Coindcx, and Finshots.
Threedots now employs 30 people and hopes to grow to 50 in the next months. Its own app is available for Android and iOS devices.
In FY21, India has over 14 million Demat accounts, up from 4.9 million in FY20. Currently, just 3% of Indians engage in the capital market, but this is expected to rise to 15% by 2030, compared to 55% in the US, according to the startup.
According to a consumer spending report, only 31% of Indians are expected to invest in mutual funds while even fewer (10%) are expected to invest in equity. Comparing this to the number in a developed economy where more than 50% of the population owns equity of some kind, the presence of a clear market opportunity can be deduced.
Microsoft CEO Satya Nadella joined Bengaluru-based wealth management firm Groww as an investor and advisor earlier this month.
StockGro, a social investing and gaming platform, raised roughly $10 million in a new round of investment last month. BITKRAFT Ventures, located in San Francisco, led the investment round. StockGro is a gamified virtual interface that allows users to explore trading methods, compete, and engage with others.
It was founded in 2020 by former VC Ajay Lakhotia.
Rishu Garg, Akul Agarwal, and Prakhar Bhardwaj, all BITS Pilani alumni who previously worked together at Groww, founded Threedots in March 2021. The founders have product and scaling experience, having worked with companies such as Clear (previously Clear) and smallcase.
The Threedots team intends to use the funds raised to improve its product offerings and expand its team.
Rishu Garg, cofounder of Threedots, said of the fundraising effort, “our vision is to make threedots the next-gen community investment platform where people can learn, discuss & invest all at one place. Our goal is to shape and empower the investment ecosystem in India.”
Threedots' solutions fill a need in comprehending numerous investment possibilities and selecting the best one for oneself. This is appropriate for everyone, particularly millennials and first-time investors.
According to the firm, India has 200 million people with investable income, but only 30 million investors. Making investing simple is the only way to bring the next 170 million people on board. Threedots wants to take the lead in making things simpler for the future generation.
Apart from stock investment, Threedots' app provides users with a daily dose of financial news and a finance-focused community. It gives members the opportunity to tap into the expertise and experience of stock/crypto market specialists. It helps people make better judgments by bridging the gap between market experts and users.
Garg further said, “we want to change the financial life of the next 100 Mn users in India who will be using financial services for the first time and help them create wealth. At threedots, we always practice & believe in hyper trust – within our users & our team, which was missing in the industry for so long.”
Kiran Vasireddy, a Kalaari Capital partner and former Paytm COO, said, “Equity investments in India are expected to witness strong growth backed by the increased information access brought by platforms going digital. With current penetration only at 5%, there is a huge opportunity for a platform to help millennials come and learn from financial influencers the art of investing. We are impressed with Rishu and the team’s strong experience in building consumer internet products and excited to partner with them in their journey as they build threedots for the world.”
The startup is aimed at young people who are new to investing and don't have access to a connected network where they can talk about investing and the markets with like-minded people and stay up to speed on current events.
The company claims to have onboarded 100+ market professionals that advise users in their community, as well as relationships with Groww, Coindcx, and Finshots.
Threedots now employs 30 people and hopes to grow to 50 in the next months. Its own app is available for Android and iOS devices.
In FY21, India has over 14 million Demat accounts, up from 4.9 million in FY20. Currently, just 3% of Indians engage in the capital market, but this is expected to rise to 15% by 2030, compared to 55% in the US, according to the startup.
According to a consumer spending report, only 31% of Indians are expected to invest in mutual funds while even fewer (10%) are expected to invest in equity. Comparing this to the number in a developed economy where more than 50% of the population owns equity of some kind, the presence of a clear market opportunity can be deduced.
Microsoft CEO Satya Nadella joined Bengaluru-based wealth management firm Groww as an investor and advisor earlier this month.
StockGro, a social investing and gaming platform, raised roughly $10 million in a new round of investment last month. BITKRAFT Ventures, located in San Francisco, led the investment round. StockGro is a gamified virtual interface that allows users to explore trading methods, compete, and engage with others.
It was founded in 2020 by former VC Ajay Lakhotia.
