Gurgaon-based app Sqrrl Fintech has raised  $1 Million in their Pre-Series A funding round from Equanimity Venture Fund. Post this funding round, Rajesh Sehgal, the Managing Partner of Equanimity Investments, will join the board of Sqrrl.

Launched in March 2017 by Samant Sikka, Dhananjay Singh and Sanjeev Sharma, Sqrrl is a mobile app-only investment platform that allows users to invest in mutual funds based on their investment needs, risk horizons & goals.

Sqrrl said it will use the fresh capital to support its growth and add to its product and tech. The startup aims to invest in new age technologies for smoother user experience and aims to reach out to a million users across India by 2019.  Sqrrl recently diversified its lingual reach beyond English by launching the app in eight regional Indian languages: Hindi, Tamil, Telugu, Bengali, Marathi, Gujarati, Kannada and Malayalam.

The startup was incubated at JioGenNext, a startup accelerator program run by Reliance Jio and Microsoft Ventures. It has raised an undisclosed amount of angel funding from a group of investors including Shripad Nadkarni, Advait Dikshit, Ravi Sud, Former CFO of Hero MotoCorp and Rajesh Cherayil, CEO of a private equity fund – Nereus Capital.

The startup claims that is has registered about 150,000 downloads across Android and iOS, and over 76% of its users are under the age of 35. As on February, the app had 28,000 users.

Competition

There are numerous apps for investments like myCAMS, ICICI’s IPRU TOUCH, SBI’s InvesTap, FinGo etc. After Securities and Exchange Board of India (SEBI) allowed mutual funds investments through digital wallets, space is also seeing the entry of fintech majors like Paytm.