Samco Ventures, which owns and operates online discount broker Samco Securities and mobile trading platform StockNote, has raised $7.5 million (Rs 49 crore) in a fresh round of funding.
The Series-B round of equity financing is an internal round that was led by the company existing investor, mid-market private equity firm Bay Capital Investments, with the promoters of the Mumbai-headquartered company also participating. The brokerage, which competes with the likes of Bengaluru-based Zerodha, will use the proceeds towards building a mutual fund distribution platform, lending capabilities, as well as its research and advisory businesses.
“Samco has had an impressive growth trajectory since its inception in 2015. We are also very impressed with the Samco team and the innovation that they have brought to the plate in an otherwise cluttered market,” Siddharth Mehta, founder of Bay Capital, said. “They understand the complex requirements of the market and have been successful in delivering unique solutions.”
The company, which claims to service over 75,000 customers, also recently launched StockNote, a content streaming and trading platform that aggregates and delivers news and information about stocks and sectors across India.
Founded by Siddharth Mehta and Puneet Saraogi, Bay Capital operates, both, a private equity, as well a long-only public markets investment practice.