Readers, we have an update. We are excited to announce that we’ve raised $1 Mn in Pre-Series A funding round from Equanimity Venture Fund 🙂
That’s how we were informed about funding from our founder Samant Sikka 😀
Mark Mobius, one of the most prominent voices on emerging market investments, is an investor and part of the investment panel of Equanimity Venture Fund. Post this funding round, Rajesh Sehgal, the Managing Partner of Equanimity Investments, will join our board. We couldn’t have asked for a better partner in our journey to make saving and investment complete hassle-free for you.
First and foremost, thank you for supporting us throughout our journey. Whether you use our app, read our posts, or watch our videos, the trust you’ve put in us has helped us come this far, and we couldn’t be more grateful.
Let’s revisit the journey of Sqrrl, that was made possible by you guys!
Democratizing Financial Wellness
While huge progress has been made when it comes to financial inclusion with initiatives such as Jan Dhan Bank Accounts, people still don’t have access to tools that go beyond banking and help them achieve financial success and wellness. Sqrrl is using cutting-edge technologies to help users achieve these financial goals.
Sqrrl is an extremely easy-to-use app through which you can invest small sums of money in high performing, direct (zero-commission) mutual funds with a few clicks. In a short span of time, the Sqrrl app has crossed 150K download mark across Android and iOS. Interestingly, over 76% of Sqrrl’s users are under the age of 35, and 61% of its user base is beyond the top 15 cities.
The total Assets under Management (AUM) to GDP ratio of India stands at a mere 10%, way below the global average of 55%. With an abysmally low share in financial saving – 2.9%, the mutual fund industry has huge potential for growth. As per AMFI report, Mutual Fund AUM is expected to quadruple by 2025.
Moreover, the huge potential for growth can be also deduced from the fact that we have just 20 million unique mutual fund investors vis-a-vis 290 million unique PAN holders in the country. With our obsessive focus on customer service and on building a customer-centric product, we are confident to benefit from this trend in the financial services industry.
We plan to use the growth capital to reach out to a million users across India by 2019, targeting the rapidly growing segment of 300 million smartphone users.
The funds will be used to pursue aggressive growth and add to product suite. In addition, we aim to invest in new age technologies, particularly machine learning and artificial intelligence, to sharpen its product recommendation and further smoothen its onboarding process.
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