How Stock Market Social Investment Platform StockGro Grew Its User Base From 100K To 5 Mn In 15 Months




How Stock Market Social Investment Platform StockGro Grew Its User Base From 100K To 5 Mn In 15 Months

Money-making is extreme enterprise, in order that they say. Especially at some point of the pandemic while Covid-19 has cast a deep shadow on the arena economy and India isn't any exception. The sharp drop within the usa’s GDP in FY21, hitting an eleven-12 months low at 4.2%, the spike in unemployment to 10.3% in October-December 2020 and the low-interest regime had Indians scurrying for a greater profitable source of wealth creation. And what could be higher than the inventory markets which have visible a stellar performance all alongside considering its preliminary Covid crash in March 2020.

The lay investor might have been awed as benchmark indices S&P, BSE, Sensex and NSE Nifty50 more than doubled in January 2021, whilst most different economic signs remained vulnerable. Further, the range of latest Demat (dematerialised) bills created noticed a report excessive of 10.7 Mn among the duration between April 2020 and January 2021. But here is the catch. In India, best three.7% of the population is involved in fairness investment, in step with inventory depository statistics, as compared to fifty five.9% within the US.

The cause?

“One of the biggest reasons is that both our education machine and households price saving cash over investing,” says Ajay Lakhotia whose social simulation app StockGro has gamified the real-existence stock marketplace to assist users enjoy what it’s like to exchange in actual-time.

But a chance-averse mindset may not be the best motive at the back of the abysmally low participation. Of course, the millennials and Gen Z recognise the importance of financial literacy and are eager on DIY wealth creation answers. But the nitty-gritty of a noticeably risky capital market frequently puts them off, assume specialists. 

“That is why we've undertaken the task to help them emerge as investment-geared up thru StockGro,” provides Lakhotia. 

Gamification also manner capability traders want no longer examine things the tough way (through losing actual cash inside the market) and experiment with all things stock in a zero-danger surroundings. Users can down load and explore StockGro to research complicated concepts and funding techniques as they invest digital cash to trade and set up a digital portfolio using real-international statistics. 

Also Read:- HOW DO PROFESSIONALS CLEAN AIR DUCTS?

The gamified ‘shares’ mimic their actual-life opposite numbers, and users gain or lose their virtual money consequently. Users can take part in every day/weekly/month-to-month contests to hone their newly obtained skills, and the very best-gaining portfolios in competitions win praise money to take domestic. 

The organization has also introduced a social thing to the gaming platform, helping customers to connect to each different, be part of a group to speak about the brand new tendencies inside the stock marketplace or chat with marketplace analysts (who are StockGro experts) for professional advice on creating excessive-yielding portfolios. 

There are quite a few apps on stock market education inclusive of Zerodha Varsity and Groww Personal Finance, and similar Social Trading apps, for that remember, but StockGro’s user base appears to have grown phenomenally. Last month, the startup announced that it had acquired 5 Mn users simply 15 months after its launch in July 2020. But there has been a well-laid-out approach in the back of that fulfillment. 

StockGro’s Journey To 5 Mn Users

Before setting up StockGro, Lakhotia were a capital market investor for 12 years. But after he give up as a partner of Fosun RZ Capital — a Southeast Asian funding conglomerate — in 2018, he turned into keen to build an fairness-focussed project to help ordinary human beings spend money on shares. During his research, he puzzled if the social circle may want to play an energetic role in growing one’s hobby inside the inventory market and concept of a simulation-based totally social app to build funding literacy and confidence with money.

Stockgro turned into started out as an invite-only platform and acquired four hundred users within the first week of its launch. However, the key pillars of the niche startup — a stock marketplace knowledge recreation concentrated on younger humans and an engagement-pushed network of inventory market fanatics — called for a one-of-a-kind method faraway from Google and Facebook marketing. 

Lakhotia took a ambitious step. Marketing turned into achieved offline as the business enterprise reached out to commercial enterprise schools across the united states of america. Students have been invited to take part in intra-college and inter-college competitions hung on the platform each week, and winners received cash rewards for building the exceptional acting portfolios. In its cutting-edge competition known as ASPIRE ’21 held in September, the employer provided INR 5 Lakh in prize cash to B-School Students.

These competitions created a buzz round StockGro. By December 2020, the agency received greater than 100K users and multiplied its reach to 250 B-colleges. But the access to the platform changed into nonetheless by invitation. 

Realising that it turned into the right time to scale up, the StockGro app changed into released on Google Play Store remaining December and crossed the 1 Mn person mark in March this 12 months.

To construct a bigger user base quicker and add new ‘engagement’ features to the platform, the startup raised $5 Mn in a Pre-Series A round (led through Root Ventures and Velo Partners). The cash was utilised to push brand cognizance, and the primary industrial titled ‘Bina Practice ke Kudoge to Dooboge Hi’  became aired on Hotstar in September in the course of the IPL suits. It also started out a string of memes on social media channels to draw millennial audiences.

Unlike many other organizations, StockGro’s user acquisition blitzkrieg did not backfire. The organisation claims that the gamified platform has controlled a month-on-month retention price of extra than 80%.

Also Read:- HOW TO MAKE YOUR DIGITAL MARKETING SOPHISTICATED TO COMMUNICATE WITH CUSTOMERS

“Social buying and selling is a new idea, and we knew that initial adoption and stickiness would be crucial for us. Through our commercial enterprise school method, we should lock a very receptive audience and find the right product-market match. Our initial users have become our emblem ambassadors and helped growth organic consumer acquisition for the platform,” says Lakhotia.

Of Challenges And Targets

Building a successful network-pushed platform is difficult, and constructing it around a niche and complex area just like the stock market is more difficult still. So, it isn't always sudden that Lakhotia, who did no longer come from a product or tech history, confronted scepticism from buyers before launching StockGro. But the founder did now not doubt the idea’s potential and constructed the platform with the assist of a small UI/UX crew thru January and February 2020.

The agency did no longer make its first hiring until March that year. But rapidly afterwards, nationwide lockdowns have been imposed to contain the pandemic, and Lakhotia discovered it difficult to raise capital or gather expertise. But the uncertain starting did no longer dissuade him. He grew to become it into an invitation-most effective platform to lessen the need for a larger employee base or a excessive capital inflow.

Deciding on the sales version changed into every other key criterion. A gamified and community-driven studying platform couldn't to begin with choose a subscription version with out unfavorable its user acquisition funnel, which was already on a short hire. Therefore, StockGro has followed a freemium model and offers users 10 Lakh worth of StockGro Cash — the platform’s virtual foreign money — charging customers on in-app instances to build a portfolio and take part in its each day competitions. 

Expanding to more than one sales channels, StockGro expects to go a $60 Mn revenue run rate through the cease of FY22, growing at more than 30% MoM. Lakhotia has also informed that the agency is in talks with multiple stakeholders to broaden some of revenue streams via adding more edtech factors as well as launching in other markets and including asset classes. 

As a part of its revenue plans, StockGro partnered with a CA institute in September to launch a series of webinars featuring inventory marketplace specialists and saw the participation of greater than 2 Lakh viewers keen to analyze funding techniques. Lakhotia says that he wants to invest closely in webinars in the destiny. It will even add nearby languages to the platform to make certain deeper product penetration to pressure growth.

The employer intends to enlarge its offerings by way of adding different asset classes, inclusive of commodities, bonds, forex buying and selling and futures and options. And by means of the quit of FY22, StockGro plans to launch its platform globally, beginning with South East Asia. The startup hopes to double its user base to 10 Mn before March 2022 via these projects, empowering all who deeply choice to examine the nuances of the inventory marketplace and earn financial independence.



Author Biography.

Editorial Team
Editorial Team

Content Writer

Join Our Newsletter.

Subscribe to CrowdforThink newsletter to get daily update directly deliver into your inbox.

CrowdforJobs is an advanced hiring platform based on artificial intelligence, enabling recruiters to hire top talent effortlessly.

CrowdforJobs

CrowdforApps brings to you the well researched list of the most successful and finest App development companies, Web software developers.

CrowdforApps

CrowdforGeeks is where lifelong learners come to learn the skills they need, to land the jobs they want, to build the lives they deserve.

CrowdforGeeks

CrowdforThink is a leading Indian media and information platform, known for its end-to-end coverage of the Indian startup ecosystem.

CrowdforThink
CFT

News & Blogs

ff13acfdbf89a61b26a41a795b3fa99f.jpg

5 Powerful Reasons You Need to Use Video Marketing

Nowadays, almost every business uses video marketing for advertising products. Millions of people...

de87b61312200ac3249c07331715d09d.jpg

THE BEST DIGITAL MARKETING TIPS TO BOOST BLOG T...

Bloggers throughout all niches searching for to find new approaches to increase online traffic co...

b83e7110cd188a75a7ebaaf7e4c626d1.png

5 DIGITAL MARKETING STRATEGIES THAT ACTUALLY WO...

Want to gain virtual advertising dreams in an easy and easy manner via techniques? Yeah, sincerel...

Top Authors

Lamia Rochdi is the Marketing Manager at Bell Flavors & Fragrances EMEA. A successful family-...

Lamia Rochdi

Zakariya has recently joined the PakWheels team as a Content Marketing Executive, shortly after g...

Zakariya Usman

Overall 3+ years of experience as a Full Stack Developer with a demonstrated history of working i...

Lokesh Gupta

I’m Mertin Wilson a technician in a camera company and certified expert of different P...

Mertin Wilson
CFT

Our Client Says

WhatsApp Chat with Our Support Team