In a $10 million Series B funding round, Grip Invest, a direct-to-consumer (D2C) investing platform for individual investors, has raised capital.
According to a statement released by Grip Invest on Thursday, the round included $8.5 million in new equity and convertible notes in addition to $1.5 million in venture debt.
Stride Ventures led the round, according to the statement, and new investors LC Nueva and Multiply Ventures also participated.
Venture Highway, Anicut Capital, AdvantEdge, and other current investors supported Grip’s growth trajectory and thought leadership in democratizing access to investment opportunities by participating in the round as well.
With a strategic focus on increasing customer awareness, developing a highly trusted brand, broadening product distribution, and adding more investor-friendly features to Grip’s tech platform, the funds raised will be used to scale business operations.
“The infusion of $10 million, especially in this environment, is a testament to the investor confidence in our business model, growth prospects, and team,” said Nikhil Aggarwal, Chief Executive Officer and Founder, Grip Invest.
Stride Ventures is a financial powerhouse that deeply understands alternative investments,
“We are excited about not just the capital they bring, but also the potential for strategic collaboration. Venture Highway, Anicut Capital, and AdvantEdge arrive as third-time investors, and we value their constant support and conviction,” he added.
The statement claims that major megatrends such as the shift in wealth management behavior from the traditional relationship-manager model to digital-hybrid platforms, the increase in the number of “affluent” Indians looking for appealing risk-reward offers, and increased investor confidence due to the Securities and Exchange Board of India’s (SEBI) supportive regulations are driving the company’s growth opportunity.
Having already facilitated investments totaling INR 800+ Cr ($97.56 million), Grip Invest stated that the company is in a strong position to take advantage of this chance.
Investors, the company said, praised its positive regulatory developments, which included getting the National Stock Exchange (NSE) and SEBI’s online bond providers (OBPP) license, as well as its ongoing efforts to innovate new products and offer regulated investment products with ticket sizes as low as INR 1,000.
In the past eighteen months, Grip Invest claims to have introduced three first-to-market products, listed the nation’s first alternative investment instrument on the National Stock Exchange of India (NSE), and been the first platform to fully integrate with the NSE under SEBI’s OBPP license.
