Zero-commission online stock brokerage firm RKSV Securities has raised $4 million in series A funding from Kalaari Capital, GVK Davix and others. The company already accounts for close to Rs 6,000 crore of daily traded turnover across trading platforms.
Rather than charging a commission from users of its platform, RKSV charges a nominal fee of Rs 20 per order for professional traders. It also recently launched a mobile app Upstox for both professional as well as beginner traders.
"...only 1.5% of the population participates in the capital markets due to high brokerage costs, cumbersome trading software, and poor customer support...we want to change that," said Raghu Kumar, co-founder of RKSV, in a statement.
RKSV is looking to launch a whole suite of features on Upstox in 2016, making it easier for people to trade stocks affordably. The company was founded in 2012 and is headquartered in Mumbai.
"We believe consumer participation in the India equity markets will expand significantly over the next decade. India's youth population is likely to see equity markets as a viable alternative to fixed deposits, gold and real estate," said Vani Kola, managing director of Kalaari Capital.