Pickright to expand user base, raise funds by May 2022
Hyderabad: Pickright Technologies, a unified and diversified investment advisory platform, is aiming to raise funds and build a 10-lakh user base in the coming years. The company will raise $2 million (over Rs 15 crore) by May 2022 to meet its expansion needs. The company will be serving investors pan-India particularly targeting those in the […]
Hyderabad: Pickright Technologies, a unified and diversified investment advisory platform, is aiming to raise funds and build a 10-lakh user base in the coming years. The company will raise $2 million (over Rs 15 crore) by May 2022 to meet its expansion needs.
The company will be serving investors pan-India particularly targeting those in the 25-40 age group who are job and PAN card holders with income ranging Rs 5 lakh-Rs 30 lakh per annum. Hyderabad and Bengaluru are among the top markets for the company.
The WealthTech startup and SEBI registered investment advisor (RIA) uses deep tech, artificial intelligence, and machine learning to build smart portfolios via its application and website. The platform offers a solution to retail investors where they can curate diversified portfolios integrated with alternate assets such as bonds, loans, insurance, gold, real asset tokens, etc, and direct assets such as mutual funds and equities. The company plans to get into P2P loans, fractional asset investments and US equities, going forward.
“We have raised $175K in July 2020 and $200K in May 2021 from JITO Angel Network, Mumbai Angel Networks, and other angel investors. We have planned to raise more than $2 million by May 2022. The funds will be utilised for technology development (with a focus on artificial intelligence and machine learning) as well as marketing,” Archana Elapavuluri, founder, Pickright Technologies, told Telangana Today.
She added, “We are seeing growth not only in tier-1 cities but also tier-2 cities. There are several players in this segment but only four per cent of the Indian population is investing. Demat accounts are not proportional. It is a large untapped market. Pickright wants to be the financial assistant to the investor community with the help of financial intelligence that we can offer.”
The platform makes customised and hyper-personalised portfolios based on a user profile and manages and monitors them at periodic intervals. It also provides ready made portfolios for women and students for their investment journey. Students have the option of small-ticket investments to start with as low as Rs 500. These are certainly growth segments, she noted.
The company has attracted close to 60,000 users on the platform so far. Pickright will soon integrate investment and loans. Plans are to enter loans in the next two quarters.
On data security and privacy, she said, “The platform ensures data privacy, and all the data is encrypted and is on cloud and secured. We want to provide a safe and seamless experience to our investors.”
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