HDFC Securities was the first financial institution to partner with the platform to help drive its growth in the country post its onset in India making for seamless investments in the US market.
This partnership will widen the company’s subscriber base by expanding growth opportunities to allow Indian investors get access to over 5,500 US-listed companies, fractional stocks, and expert-curated stacks & ETFs.
The company is planning to utilize the Pre-Series A funding for its growth, making it a platform of choice for Indian investors.
Smita Bhagat, Country Head, HDFC Bank, said, “Our funding decision was based on the strength and resilience Stockal platform has shown in India. We trust their potential to expand and grow the global investment space in the country with their strategic solutions and digital-first thinking.”
The global investment platform has a strong customer base in more than 40 countries, including UK, France, Kuwait, USA, Oman, Singapore, India, UAE, etc.
Dhiraj Relli, MD and CEO, HDFC Securities, said, “Global Investing through Borderless’s brand ‘Stockal’ has been instrumental in our overarching approach of helping our customers diversify their investments. We have seen great interest in US equities.”
Stockal enables Indian investors to access US market stocks and the MENA (Middle East and North Africa) region. Stockal had about 82,000 investors, who made more than half a million transactions worth $378 million.
The company has partnered with 89 financial institutions including HDFC Bank, Emkay Global, Motilal Oswal and Geojit Financial Services.
Vinay Bharathwaj, Co-CEO and Co-Founder of Stockal, said, “This funding will enable thousands of Indian investors to get exposure to opportunities offered by the global markets as we further expand our capabilities to markets in South-East Asia and Europe.”