Online discount stock brokerage firm RKSV Securities today said it has raised USD 4 million in series A round of funding from Kalaari Capital, GVK Davix and others.
Founded in 2012, RKSV is an online investing and trading platform and accounts for close to Rs 6,000 crore of daily traded turnover across the NSE, BSE, and MCX.
"We are thrilled to be working with a group of investors who share our passion for helping individuals build wealth," RKSV co-founder Raghu Kumar said.
"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," Kalaari Capital Managing Director Vani Kola said.
Vani Kola and Bala Srinivasa from Kalaari will join RKSV's board, a company release said.
RKSV has recently launched Upstox, a mobile app that is aimed at simplifying the investing and trading experience for both professional traders and beginners. RKSV's pricing model also allows free trading on equities and a nominal fee of Rs 20 pay-per-order for professional traders.
"In 2016, we are looking to aggressively launch a full suite of products for Upstox," Kumar said.
