Stockify to Raise ₹50 Crore to Accelerate Team Expansion and Growth

Stockify intends to invest the ₹50 crore in building an enlarged pool of excellent professionals, improving technology, acquiring customers, and developing new platforms. One of the crucial components of the expansion plan will be the opening of a new office in the GIFT City of Ahmedabad while ramping up the presence in Mumbai, Delhi, Bengaluru and Dubai. The new funds will help Stockify expand its team across important functions and invest in technology that can enhance customer acquisition. The development of new platforms and improving wealth-management services will be put into practice by the company while scaling its business at the same time. Due to this fundraising, Stockify will be able to build a solid physical base for further expansion while focusing its attention on profitability.

During his thoughts on the upcoming fundraising, Stockify’s founder and CEO, Piyush Jhunjhunwala, explained that at Stockify they have only followed the “earn and burn” approach, not “burn and earn.” According to Jhunjhunwala, "We have always been profitable since we started operations, and this will always remain the foundation of our philosophy. With the funds raised, we would be strengthening our manpower, putting in different systems, creating new platforms, and ensuring that we continue to remain profitable." With the new funds, Stockify wants to expand its operations and grow three times its profits, reaching about ₹30 crore ($3 million) in a couple of years. The company expects the expenses incurred on talent, technology, and acquisitions to help achieve the goal of increasing profits while keeping the profitable business model intact.

The firm's objective is to continue enhancing its wealth-management platform and developing its operational capabilities throughout growth. Overall, it is working to become a bigger and more sustainable wealth-tech firm while balancing growth plans across the various areas with being financially responsible and making sure the company stays profitable.