iTribe Raises $1 mn in Pre-Seed funding

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iTribe Raises $1 mn in Pre-Seed funding
12 Apr 2022
6 min read
TWN In-Focus

News Synopsis

Fintech startup, iTribe has announced that it has raised $1 million in its pre-Seed funding round. This funding round was led by Eximius Ventures, Kunal Shah (Cred), Incisive Ventures, and several angel investors. The pre-Seed funding round of the Bengaluru-based fintech startup also witnessed the participation of Cred (Harish, Swami, Sreeni, Ketan), Pearl Agarwal (Eximius Ventures) and angel investors such as Aravind Sanka, Pavan Guntupalli and Rishikesh SR (founders of Rapido), Reeju Datta (founder of Cashfree), Gaurav Dahake (founder of BitBns).

After the successful fundraising round, Nikhil M, Co-founder of iTribe said: “As users seek more customized financial services and make a collective move to digitization, the fintech industry is also rising to the occasion. Since the pandemic, retail trading has boomed, with broking accounts growing by 50 percent within nine months. However, penetration has been low among millennials. Moreover, in March 2020, out of the then 4 crore Demat accounts, 75 percent were inactive. This tendency can be attributed to the lack of knowledge, which can be solved by access to the right resources and guidance. We aim to make iTribe a place for anyone to learn and become informed investors and traders.” The company further informed that the raised capital will be used to create new technology tools and to fuel its growth and expansion. It plans to emerge as a holistic investment learning platform for Stocks, NFTs, Mutual Funds, and Cryptos

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