SMC Global on Friday said it invested Rs 100 crore into StoxKart, its stock and options trading app, to boost technology features, marketing, and consumer education over the next two years.
The funding follows SMC Global’s earlier investment of Rs 35 crore into StoxKart for its development and launch.
The trading app offers one-click orders, multiple chart analysis, and various listings of options contracts for easy trading decisions. The platform also claims the lowest broadcast latency in the industry at just 0.40 milliseconds.
“StoxKart’s unique selling point lies in its commitment to simplifying trading processes. The app offers a zero-brokerage trading model for delivery trades, allowing investors to maximise returns without the burden of hefty commissions. The transparent and predictable flat fee structure on F&O and intraday trading ensures further accessibility to trading,” the company said in a press release.
Founded in 1990, the New Delhi-based SMC Global Securities Ltd. is an investment banking and financial services company that offers brokerage services across the asset classes of equities (cash and derivatives), commodities and currency.
Last month, PeepalCo, the parent company of cryptocurrency platform CoinSwitch, entered the stock broking sector with its new app, Lemonn, designed to simplify investment discovery and decision-making for beginners.
Lemonn supports equity investments and plans to include mutual funds and IPO investments soon. The app also offers stock analyst ratings and a glossary of financial and market terms for its users.
At present, Groww is the most popular brokerage app in India, with nearly 9.9 million active users, followed by Zerodha, which has close to 7.3 million active users.
Edited by Suman Singh
