Company plans product portfolio expansion
Market Simplified Inc, a mobile trading technology service firm based in Delaware, and owned by Chennai-based INXS Technologies, is planning product and sales expansion by raising funds through private equity and strategic investors.
The company is planning to raise around $10 million (Rs 45 crore) in the next few months from strategic investors or private equity firms, to launch a mobile solutions platform for financial advisors and other market expansion projects.
The product for financial advisors would offer ready information from the market and tools for the professionals helping them to issue advices quickly. The company expects to launch the product by the end of fiscal 2011-12.
The basic tool for the new product would be based on our neutral platform where any set of given numbers could be crunched to provide the expected data. We are providing the mobile application solution for stock brokers in tie up with various exchanges including the National Stock Exchange (NSE), said Venkat Rangan, co-founder and CEO, Market Simplified.
Its existing mobile technology is designed to provide trading services including live streaming of quotes, customized watchlist, placing trade, viewing intraday charts, checking available margins and tracking the portfolio performance, to stock brokers and their customers through smart phones.
The company, on Monday, has announced tied up with Kotak Securities to offer mobile stock tracker solutions.
The company is planning to explore the tier II and tier III city markets for its mobile trading solutions.
The tier II and III cities in India are seeing a growth in number of new investors and the company would expand its market in these region to serve the brokers and investors through mobile applications, said Rangan.
It would also set up a sales office in United Kingdom and expand its operations in United States. With presence in US and Singapore at present, the company is exploring options to expand operations in Latin America and Asia Pacific region. However, he refused to divulge its marketing targets, saying the plans are in the pipeline.
Last year, the company tied up with telecom firm Etisalat in United Arab Emirates (UAE) to provide mobile trading services through the frim for online brokerages in this region. It estimates that the top 10 stock brokerages serve almost 80 per cent to 90 per cent of the stock market and targets to tie up with atleast five of them, in the near future.
