Gurgaon-based MeanBox Technologies Pvt. Ltd, which operates algorithmic trading platform Kuants, has raised Rs 50 lakh (around $80,000) from Delhi-based angel investors Pankaj Chopra and Ankush Gupta.
“The funds will be mainly used to build up a graphical user interface (GUI)-based online stock market simulator and acquire high-end servers required for multi-core processing. We are also venturing into big data technology which will require funds for commercial level products and applications,” Ayush Gangwar, co-founder of Kuants, said in a statement.
Kuants was founded in 2017 by IIT Kharagpur graduates Gangwar and Mohit Bansal. It provides tools and infrastructure for algorithmic trading. It claims expertise in web-based stock market simulation and high-frequency data management.
“We see a potential in fintech space in India and look at algorithmic trading platform as an interesting bet. The use of algorithms by fintech firms has just started and will certainly reach the zenith in the next few years,” said Pankaj Chopra.
“We are developing systems and strategies for enhancing penetration of algorithmic trading in India. One can develop ideas using our blogs, formulate quantitative investment strategies using our tutorials, test them using our stock market simulator and do live trading through our execution system,” said Ankush Gupta.
In November 2017, Gurgaon-based mentorship-driven incubator India Accelerator made a seed investment worth around $150,000 in six startups including Kuants.
In December 2017, FinBucket, a loan and investment startup for SMEs and MSMEs raised Rs 12 crore ($1.8 million) from Delhi-based early-stage venture capital firm Impanix Capital.
In November 2017, non-banking financial company Prest Loans raised Rs 3.7 crore ($570,000) from angel investors. In the same month, wealth management app Fisdom raised $3.84 million (Rs 25 crore) in a Series B round led by Quona Capital Management Ltd and existing investor Saama Capital.
A VCCircle analysis conducted in May 2017 showed that a number of fin-tech startups raised venture funding. The inflows were evenly spread across lending, payments and wallets. Digital wallet firm Paytm may have got the biggest slice of the funding pie, raising a whopping $1.4 billion.
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