Bengaluru-based social investing platform, StockGro, is gearing up for its international expansion with a soft launch in the UAE during the first week of November, partnering with the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX).
“The exchanges in UAE have been thin on trade volumes. In partnering with ADX and DFM, our goal is to catalyse growth by offering financial education and building a robust community of investors,” said Ajay Lakhotia, founder and CEO, StockGro.
The platform’s expansion into the UAE will mirror its educational model in India, where over 1,100 business schools and colleges, including IIMs and IITs, use the platform in some form to assist in teaching students stock market fundamentals. “Our goal is to replicate the same model in the UAE by engaging local schools and universities to promote financial literacy,” Lakhotia added.
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Additionally, StockGro is in advanced talks with the New York Stock Exchange (NYSE) to promote US stocks through its platform in global markets, starting with the India, and UAE. “We’re working with NYSE to develop a model where we can promote US stocks using content generated by the exchange in markets like India, UAE, and beyond,” Lakhotia added. The company is also looking at Bahrain and Oman as the next Middle Eastern markets it plans to enter. “Once we establish ourselves in the UAE, we will be exploring Bahrain and Oman as part of our Middle East expansion,” Lakhotia added.
The platform which allows users to follow expert portfolios and engage in gamified virtual stock trading, draws direct comparisons with global platforms like SnowballX in China and eToro in Europe. “Platforms like SnowballX, and eToro have shown how critical the social layer is in building confidence among retail investors. We’re applying a similar model, but with a strong focus on education and gamification,” Lakhotia added.
Initially free to use, StockGro offers additional features through a subscription model, with plans ranging from Rs 200 to Rs 500 per month. The Rs 200 plan provides access to technical analysis from Sebi-registered experts, while the Rs 400 plan allows users to follow their portfolios in real-time. The Rs 500 plan enables users to launch and manage public chat groups. The platform also incentivises users to link their social media accounts by offering Rs 200 for each link as bonus cash,
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