Kul Bhushan · · 1 min readFormer Paytm exec’s fintech startup acquires Indian stock broking firm
India-based Raise Financial Services has acquired a 100% stake in Moneylicious, a 9-year-old stock brokerage firm, for an undisclosed sum.
Following the acquisition, Moneylicious founder and CEO Jay Prakash Gupta will join Raise Financial as a co-founder. Moneylicious will now operate as a fully owned subsidiary of Raise Financial.
Photo credit: Raise Financial
Established by former Paytm executive Pravin Jadhav, Raise Financial plans to launch products across categories, including financing, insurance, investments, payments, and wealth in the second half of 2021.
In February, the fintech firm announced its first round of investment led by Mirae Asset Venture Investments. The fundraise also saw the participation from several entrepreneurs such as Cred founder Kunal Shah, Flipkart CEO Kalyan Krishnamoorthy, and PhonePe founders Sameer Nigam and Rahul Chari.
Editing by Collin Furtado and Eileen C. Ang
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