Punch, a mobile-first stock trading platform, is set to raise ₹26 crore (approximately $3 million) in an extended seed funding round, just seven months after its initial $7 million seed round. The company, backed by Cred’s founder Kunal Shah, aims to use the funds for expansion and technological development.
Key Details
- Funding Amount: ₹26 crore (approximately $3 million)
- Investors:
- Existing: Stellaris Venture Partners and SIG Venture Partners (₹8.66 crore each)
- New: Mauritius-based Four SB Ltd (₹8.66 crore)
- Post-Money Valuation: Approximately ₹157 crore (around $18.5 million)
- Use of Funds: Growth, expansion, and general corporate activities
Founder's Background
Punch was founded in 2022 by a team of four experienced professionals in the stock trading and fintech space:
- Amit Dhakad (Co-Founder & CEO): Leads the company's vision, technology strategies, and business culture.
- Hiral Jain (Co-Founder & COO - Broking): Oversees broking strategy and operations with over 12 years of experience in the stock market.
- Ajit Dandekar (Co-Founder & Head of Design): A design expert with a master's degree from NID and over 12 years of experience.
- Arshad Fahoum (Co-Founder & Head of Subject Matter): Brings 22 years of stock market trading experience, including 17 years in options trading.
Funding Details
In August 2024, Punch raised $7 million in a seed funding round with investments from Stellaris Venture Partners, Susquehanna Asia VC, Prime Venture Partners, and Innoven Capital. Angel investors included Kunal Shah (founder of Cred), Vatsal Singhal (co-founder of Ultrahuman), and Nitish Mittersain (founder of Nazara Technologies).
The platform aims to use the newly raised capital to enhance research and development, improve user experience, and promote responsible trading practices.