Founder Pravin Jadhav wants to build Raise Financial Services as a holding company with several lines of business as subsidiaries. The acquisition of Moneylicious is the first step in that direction.
Mumbai: Raise monetary Services, a fintech startup founded by Paytm Money’ former chief executive officer Pravin Jadhav, has acquired stockbroking firm Moneylicious Securities for an undisclosed sum.
The acquisition has received all the desired approvals from India’ capital markets regulator, Securities and Exchange Board of India (Sebi), stock exchanges (BSE, NSE, and MCX) and therefore the Central depository Services (India) Ltd., Jadhav told in an exclusive interview.
Jayprakash Gupta, the founder and chief executive of Moneylicious, can be part of Raise as a co-founder, he said. The recently acquired firm—along with its customers, operations, business, and team members—will operate as an entirely owned subsidiary of Raise.
Founded in 2012, Moneylicious may be a registered stockbroker and a member of most major stock exchanges akin to BSE, NSE, MCX and a depository participant with CDSL. “The way we consider to build Raise monetary Services is to own it as a company with many lines of business as subsidiaries. Acquisition of Moneylicious is the first step in this direction,” said Jadhav.
Raise plans to travel stand its stocktrading and investment product by the top of this year and is additionally in the early stages of discussions to functionalise insurance and cash management offerings. In February, Raise monetary raised seed funding from Mirae Asset’ early stage fund, and US-based Social Leverage, Blume Ventures Founders’ Fund and Multi-Act Equity. The firm is currently on the verge of closing a bigger Series A round. “With the acquisition of Moneylicious we’ve onboarded a strong 15-member team specialising across product and engineering in building investment service for over 6-7 years,” Jadhav said.
“Furthermore, we’ll additionally get the requisite licenses control by Moneylicious for beginning an investment business.