Stocktwits is entering India with fresh funding of $30 million and a partnership with Times Bridge
Dec 17, 2021, 15:34 IST
Stocktwits is a social networking platform where investors can connect with others in the community to discuss all markets, whether that’s stocks, futures, crypto or foreign exchange. And, the US-based company is now entering India with fresh funds in the bank to the tune of $30 million.
The Series B round of funding led by Alameda Research Ventures — the same powerhouse that’s behind the FTX crypto exchange founded by Sam Bankman-Fried and valued at $25 billion — includes a partnership with Times Bridge to bring its offerings to consumers in India.
Times Bridge is the global investments and venture arm of The Times Group, India’s oldest and largest media and digital company, with more than 557 million active monthly users. Times Bridge has helped other companies like Airbnb, Houzz, Uber, Stack Overflow, Smule, Headspace and Coursera expand their footprint across the country.
Founded in 2008 as the world’s first social platform for investors, Stocktwits set out to transform the retail investing space by becoming a global hub for conversations among investors — from beginners to veterans.
The concept of ‘cashtags’ — a digital tool for investors who want to participate and access information on companies, not unlike the hashtag — was invented on Stocktwits.
The conversations on Stocktwits aren't just about stocks either. They span from futures, foreign exchange to even cryptocurrency.
Instead of the ‘#’ symbol, users online can use the ‘$’ to look for specific cryptocurrencies, like $BTC for Bitcoin or $ETH for Etherum, or specific companies, like $GOOG for Google and $PEP for PepsiCo.
The launch of Stocktwits in India corresponds with growth in the investing landscape across the country. During the year of the pandemic, FY21, the number of retail investors in the country increased by 14.2 million, according to data from the National Securities Depository Ltd (NSDL) and Central Depository Services Ltd (CDSL).
A lot of the new participants are first-time investors under the age of 25 years, who are from Tier II and Tier III cities.
Similarly, ever since the Supreme Court overturned the Reserve Bank of India’s (RBI) blanket ban on cryptocurrencies, local crypto exchanges have seen a flood of new users. India’s leading crypto exchange, WazirX, claims to have 10 million users as of December and India’s first crypto unicorn — a startup with a valuation of more than $1 billion — CoinDCX cites 3.5 million users as of August.
According to Stocktwits, the company’s social-first philosophy is perfectly placed to cater to this new generation of Indian consumers. Not only is there a surge in retail-investors but people are also turning to one another — and social media — for making investing approachable and successful. WazirX surveyed 8.5 million of its users and found out that over half of them had entered cryptocurrency trading on advice from friends and family.
Currently, Stocktwits has 6 million users globally, with over a million monthly active users. In 2021, the platform saw 50% year-on-year growth. By entering India, the company is hoping to continue that momentum as more users come onboard.
As part of this partnership, Times Bridge will catalyze strategic partnerships, platform localisation, and content for Stocktwits to drive adoption and impact across India.
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The Series B round of funding led by Alameda Research Ventures — the same powerhouse that’s behind the FTX crypto exchange founded by Sam Bankman-Fried and valued at $25 billion — includes a partnership with Times Bridge to bring its offerings to consumers in India.
Times Bridge is the global investments and venture arm of The Times Group, India’s oldest and largest media and digital company, with more than 557 million active monthly users. Times Bridge has helped other companies like Airbnb, Houzz, Uber, Stack Overflow, Smule, Headspace and Coursera expand their footprint across the country.
Times Bridge’s mission is to advance India's entry, scale and leadership for the world’s best ideas in India. Stocktwits is one such idea that has, for years, offered groundbreaking social solutions, and access, for retail investors worldwide. And building on the growing dynamism of the investor landscape in India, we at Times Bridge - and across The Times Group - are looking forward to harnessing the power of our assets and know-how to support the localisation, growth and impact of the Stocktwits platform across the length and breadth of India.
Stocktwits is about more than just stocks
Founded in 2008 as the world’s first social platform for investors, Stocktwits set out to transform the retail investing space by becoming a global hub for conversations among investors — from beginners to veterans.
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The concept of ‘cashtags’ — a digital tool for investors who want to participate and access information on companies, not unlike the hashtag — was invented on Stocktwits.
The conversations on Stocktwits aren't just about stocks either. They span from futures, foreign exchange to even cryptocurrency.
Instead of the ‘#’ symbol, users online can use the ‘$’ to look for specific cryptocurrencies, like $BTC for Bitcoin or $ETH for Etherum, or specific companies, like $GOOG for Google and $PEP for PepsiCo.
Capitalising on the growth of investors in India
The launch of Stocktwits in India corresponds with growth in the investing landscape across the country. During the year of the pandemic, FY21, the number of retail investors in the country increased by 14.2 million, according to data from the National Securities Depository Ltd (NSDL) and Central Depository Services Ltd (CDSL).
A lot of the new participants are first-time investors under the age of 25 years, who are from Tier II and Tier III cities.
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Similarly, ever since the Supreme Court overturned the Reserve Bank of India’s (RBI) blanket ban on cryptocurrencies, local crypto exchanges have seen a flood of new users. India’s leading crypto exchange, WazirX, claims to have 10 million users as of December and India’s first crypto unicorn — a startup with a valuation of more than $1 billion — CoinDCX cites 3.5 million users as of August.
According to Stocktwits, the company’s social-first philosophy is perfectly placed to cater to this new generation of Indian consumers. Not only is there a surge in retail-investors but people are also turning to one another — and social media — for making investing approachable and successful. WazirX surveyed 8.5 million of its users and found out that over half of them had entered cryptocurrency trading on advice from friends and family.
Currently, Stocktwits has 6 million users globally, with over a million monthly active users. In 2021, the platform saw 50% year-on-year growth. By entering India, the company is hoping to continue that momentum as more users come onboard.
India is an incredibly dynamic investor market and we are thrilled to be partnering with Times Bridge to advance our mission and expand our reach in the subcontinent. We are looking forward to making a significant mark for ourselves in the Indian market where investors spanning many generations are ready for new and innovative platforms to learn, connect, educate and profit.
As part of this partnership, Times Bridge will catalyze strategic partnerships, platform localisation, and content for Stocktwits to drive adoption and impact across India.
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Disclaimer: Business Insider is a part of Times Bridge.