MarketWorlf, a Singapore-based intra-day options-only trading app, announced raising $5.5 million in seed funding backed by high-profile individual investors, including Anil Thadani, Ashutosh Sinha, and Ramakant Sharma.
The fresh funding will be used to build new products, expand its user base, and attract top talent, according to the startup. MarketWolf last raised $1.7 million in its angel round.
MarketWolf was founded in 2017 by former investment bankers Vishesh Dhingra and Thomas Joseph.
Headquartered in Singapore with offices in Mumbai and India, it claims to be the world’s first ‘intra-day options only’ trading app, which aims to make trading as easy as possible without compromising on the protection needed for the less experienced investors.
The company launched in India as its first market and is experiencing exponential growth in all business metrics with trading accounts increasing by 4X and monthly active users multiplying to 10X over the last few months.
MarketWolf, which is a licensed stockbroker in India, has clocked over 1 million app downloads and is available on both Android and iOS.
“This funding announcement is a significant step forward for all of us at MarketWolf, and a testament to the fact that our investors believe in our vision of democratising trading worldwide,” according to founder and CEO Vishesh Dhingra.
“We believe ‘Anyone Can Trade’ and are working towards demystifying the complex world of trading, starting with intra-day options. Our global ambitions are backed by a strong group of investors and an experienced, diligent team that is able to deliver under any circumstances,” he added.
The company said it does not believe in giving tips but instead creating the right conditions and ecosystem for users to make better trading decisions.
With this belief, MarketWolf said it has pioneered the bold model of charging brokerage only when a trade makes profit.
“Our aim is to create a global community of MarketWolves – people who learn the psychology, knowledge, and tools to trade well in all market conditions and train each other to become better traders,” Dhingra said.