Focus to help Gulf-based NRIs invest in the Indian unlisted/startup ecosystem
Rebranded Stockify Fintech has received its mutual fund license in the first quarter of calendar year 2023 from Indian authority, and along with mutual funds, will extend all other products to its customers in this financial year.
“Our main focus is to help NRI investors based out of Gulf countries invest in the Indian unlisted-startup ecosystem. We are also very active in the Elevate startup program led by the Indian consulate in the United Arab Emirates to promote startup funding in India,” said Dubai-based Piyush Jhunjhunwala, founder and CEO, Stockify Fintech Pvt Ltd.
Stockify, formerly Stockify Wealth Management, will offer its clientele not only its core blockbuster product – Unlisted | Pre- IPO shares – but also Start-up Funding, Mutual Funds, fixed investment products such as Bonds and Non-Convertible Debentures (NCDs), Insurance-Linked Investments, and dematerialization of shares.
“All our products and services will be 100% online,” he added on 12 Apr 2023.
Unlisted or Pre-IPO shares are offered by early-stage investors, promoters and employees in the secondary market to raise funds in advance, in order to generate liquidity. Pre-IPO companies are those private firms that intend to list on the stock market leader board.
Companies that have opened doors to investors but have not yet been listed on the stock market and have not yet made an Initial Public Offering are said to have offered Unlisted or Pre-IPO shares.
In the last one year, Stockify Fintech revenues have grown by over 500% and are slated to grow at a similar rate this year too.
“Our online interface will allow our entire client database to get all the information related to our products at one place so that they can make informed decisions regarding their investment,” Jhunjhunwala, a certified public accountant with experience in multiple geographies, including MENA, Russia, Turkey and India.
In the last quarter of calendar year 2022, Stockify had launched an exclusive single-window buying portal for Resident Indian and Non-Resident Indian High Net-worth Individuals (HNIs).
The portal assists retail customers in buying unlisted equities online without any human interface. Customers can create a login, update their Know Your Customer (KYC) and Demat details, and select and buy their favourite Pre-IPO shares.
Stockify also facilitates a single-button online payment system using a simple-to-use payment gateway.
“In the next eight to 10 months, Stockify will launch a series of investment options across various asset classes, and we will replicate our success in the pre-IPO and unlisted shares asset class,” said Bengaluru-based Rahul Khatuwala, co-founder, Stockify Fintech, heading the Indian operations.
Stockify is a customer-oriented platform for Unlisted or Pre-IPO shares in India. Its mission is to help HNIs and NRIs access multiple unlisted shares via the pre-IPO route and maximize investors’ wealth. fiinews.com
