Samco Ventures, the parent company of online discount broker Samco Securities and mobile trading platform StockNote, has raised $7.5 million in series-B funding round led by the existing promoters and Bay Capital Investments. The Mumbai-based startup which helps customers with discounts on brokerage to trade in the stock market had raised $3 million in a Series A round in the financial year 2016.

The company said it will use the fresh funding towards building its mutual fund distribution, lending capability, research and advisory businesses, Samco Securities and StockNote founder and CEO Jimeet Modi said in a release.

According to a press note by the company, Samco Securities, which started in 2015, provides services to more than 75,000 customers across India. The company has recently launched StockNote, a content streaming and trading smartphone app that aggregates and delivers news and information about stocks and sectors across India. StockNote, which was launched in March, uses the company’s proprietary Giga Trading Engine which according to the company helps combine Artificial Intelligence with computing and analytical technology to customise information and analysis as per the user’s interests, watchlist and portfolio. Available both on Android and iOS, StockNote has over 50,000 downloads and the company has set a rather ambitious target of reaching one million downloads by March 2019.

Competition

Bengaluru-based Zerodha is a zero brokerage firm that operates in the same domain as Samco. In terms of size Zerodha is significantly larger though. The startup claims to have added about 550,000 investors in this financial year, of which 75,000 came on board in January alone.

Zerodha recently got a licence from the Reserve Bank of India to operate as a non-banking finance company. The Bengaluru-based company aims to start with small value, short-term loans to consumers collateralised against their securities. The firm aims to cater the small ticket size loan which could be as low as Rs 5,000 and target lending of Rs 200 crore in the first year.