<ul><li>The company had opened doors to US stock trading in November 2020 but only for web users.</li><li>The company is in talks with banks and other intermediaries to standardize the process of currency conversion on their platforms.</li><li>It competes with other unicorns like Zerodha and Upstox as well as publicly-listed company Angle One</li></ul><keyword id="13100409" type="General" weightage="20" keywordseo="Online-investment-platform" source="Orion">Online investment platform</keyword> <keyword id="6189412" type="General" weightage="20" keywordseo="Groww" source="Orion">Groww</keyword> The company had opened doors to US stock trading in November 2020 but only on its web platform. The company has not been able to bring the same feature to its much wider base of users who trade on mobile phone users. The problem, however, is not on Groww’s end but rather on dependencies that have been created so far. In a conversation with Business Insider, Groww's co-founder and chief operations officer (COO) <keyword id="2598207" type="General" weightage="20" keywordseo="Harsh-Jain" source="Orion">Harsh Jain</keyword> highlighted that there are currently a lot of challenges in bringing the US stock investment ecosystem to India. First, the process of adding capital to a wallet is a rather long one and takes up to 2-4 days. A retail investor who first has to get in touch with the bank to convert his Indian currency to dollars, later the capital can be added to Groww’s stock trading wallet for foreign stocks. “The process of funding through the LRS [Liberalised Remittance Scheme] and everything is very painful, we are figuring out if we can solve that problem. If we are able to solve that problem, we are able to scale that offering,” Jain added.<div type="image" title="Groww money transfer" msid="89339077" hostid="261"></div> Secondly, the currency conversion rate charged by Banks is severely different. “If you are using SBI Bank versus HDFC Bank versus Kotak Mahindra Bank, for you to fund an account for buying US currency, the process is not standardised and there are different charging rates,” he explained. The customers have much higher expectations of user experience on the mobile app, Jain added. “Our existing app is by far the smoother than anyone in the country when it comes to trading,investing, mutual funds and SIPs. The problem with US Stocks is not under our control. We have to work with banks and intermediary companies to find the easiest way of doing that, '' he added. Jain confirmed that the company has been in talks with banks and intermediaries in order to further smoothen the processes. The few agendas on the company’s mind currently are setting a standard currency conversion rate, simpler funding process and more. The company — founded by four former Flipkart employees Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh in 2016 — claims to have more than 2 million users on its platform, with nearly 70% of them coming from Tier II and III geographies. The company has raised nearly $393 million to date from marquee investors like Tiger Global, Y Combinator, Sequoia Capital India, <keyword id="2126501" type="General" weightage="20" keywordseo="ribbit-capital" source="Orion">Ribbit Capital</keyword> and others. It was valued at $1 billion in April 2021. It was valued at <a href="https://www.businessinsider.in/business/startups/news/loss-making-groww-is-now-the-most-valued-investment-platform-even-though-some-of-its-peers-make-profits/articleshow/87249142.cms">$3 billion in October 2021</a>. It competes with other unicorns like Zerodha and Upstox as well as public listed company AngleOne. UpStox is another platform that offers US Stock trading in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-are-now-richer-than-facebooks-mark-zuckerberg/slidelist/89338118.cms">Forbes shows Adani and Ambani are now richer than Facebook’s Mark Zuckerberg</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/manyavars-vedant-fashions-ipo-issue-opens-today/articleshow/89331315.cms">Manyavar IPO opens today — Check out the important dates and details of the IPO</a>

Groww wants to scale its US trading platform but these are the hurdles

<ul><li>The Reserve Bank of India’s guidelines for auto-debit transactions will come into force from Friday.</li><li>E-mandates allow you to conveniently make payments automatically.</li><li>Here’s how to set up e-mandates for Jio, Disney+ Hotstar, Zerodha and more.</li></ul>The Reserve Bank of India has revised the guidelines for auto-debit transactions and this will come in force from today, October 1. These will affect users who have set up online subscriptions or recurring payments for their insurance premium, rent, utility bills or their systematic investment plans (SIPs) as these payments will have to be re-authenticated. If you are among those who have set up auto-debit for payments, you need to know about Reserve Bank of India’s e-mandate feature that allows you to place a standing instruction with your bank to automatically debit a predetermined amount from your bank account. Having an e-mandate set in place allows you to conveniently make payments automatically and avoid late payment charges and penalties. E-mandates are also an effective way for companies and businesses to ensure continuity in payments from their customers, so this allows both the buyers as well as sellers to benefit from the facility. <cmsannotation type="cmsannotation" annotationid="How to set up e-mandate for auto-debit of payments" comment="subhead" text="How to set up e-mandate for auto-debit of payments">How to set up e-mandate for auto-debit of payments</cmsannotation> E-mandate can be set up so that payments get auto-debited using either your debit card or your net banking. While banks are working on a common platform that will allow you to register for auto-debit of payments, you can currently set e-mandates for different platforms. Users can also use UPI to set up UPI autopay for their subscriptions. Some of the platforms such as Jio and Hotstar already allow you to set up UPI autopay for recharging your mobile or subscribing to their plans. <cmsannotation type="cmsannotation" annotationid="How to set e-mandate for Jio recharges" comment="subhead" text="How to set e-mandate for Jio recharges">How to set e-mandate for Jio recharges</cmsannotation> <div type="image" title="jio 1" msid="86650558" hostid="261" caption="&amp;lt;p&amp;gt;Enabling JioAutoPay.&amp;lt;/p&amp;gt;"></div> <ul><li>Open the MyJio app and open the menu from the left corner.</li><li>Now, scroll down and click on “JioPay”.</li><li>Now, select either “Bank Account” or “UPI”.</li><li>Now, select the plan with which you want to recharge your phone and click on “Proceed”.</li></ul> <div type="image" title="jio 2" msid="86650605" hostid="261" caption="&amp;lt;p&amp;gt;Accepting UPI autopay request.&amp;lt;/p&amp;gt;"></div> <ul><li>Now, enter your account details or UPI ID and click on proceed.</li><li>Authenticate the transaction in your bank account or UPI app.</li></ul><cmsannotation type="cmsannotation" annotationid="How to set e-mandate for Disney+ Hotstar subscription" comment="subhead" text="How to set e-mandate for Disney+ Hotstar subscription">How to set e-mandate for Disney+ Hotstar subscription</cmsannotation> <div type="image" title="Hotstar upi" msid="86650655" hostid="261" caption="&amp;lt;p&amp;gt;Enabling autopay for Disney+ Hotstar.&amp;lt;/p&amp;gt;"></div> To set up e-mandate for Disney+ Hotstar, follow the below steps: <ul><li>Sign in to your account and click on “Subscribe” at the top right corner.</li><li>Select a plan and click on “Continue”.</li><li>Now, select a payment option from credit card, debit card, net banking, Paytm and UPI.</li><li>In this example, we will set the e-mandate using UPI.</li><li>Enter your UPI ID and click on “Continue”.</li><li>You will get an auto-pay request in your UPI app such as PhonePe, Google Pay or other such apps.</li><li>Click on “Pay” and enter your UPI pin.</li></ul>ICICI Bank also allows you to set up e-mandates for loan repayment, here’s how to do it: <ul><li>Open the e-mandate page from <a href="https://leads.icicibank.com/NewSalesWeb/loadNpciEnachForm.htm?productCode=HL">here</a>.</li><li>Now, enter the details such as your loan number and personal details.</li><li>Then, you will be required to select if you want to create the mandate using your debit card or net banking.</li><li>Now, enter your debit account number, account type and IFSC code.</li><li>Then, enter the collection amount, frequency and date.</li><li>Click on “Authorize Mandate”.</li></ul><cmsannotation type="cmsannotation" annotationid="Here is how e-mandate can be set on Zerodha" comment="subhead" text="Here is how e-mandate can be set on Zerodha">Here is how e-mandate can be set on Zerodha</cmsannotation> <ul><li>Log into your Zerodha account and click on Console.</li><li>Now, click on “Funds” and go to Bank Mandates.</li><li>Now, click on “Create Mandate”.</li><li>Choose a bank account and click on “Continue”.</li><li>Now, verify your details using debit card or net banking.</li><li>Click on “Submit”.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/from-netflix-and-hotstar-to-airtel-to-jio-bills-brace-for-surprises-as-rbis-guidelines-on-auto-debit-transactions-kick-in-from-october-1/articleshow/86642500.cms">From Netflix and Hotstar to Airtel to Jio bills, brace for surprises as RBI’s guidelines on auto-debit transactions kick in from October 1</a> <a href="https://www.businessinsider.in/business/news/grace-periods-and-wallet-payments-apple-and-zoom-are-reaching-out-to-their-customers-ahead-of-the-new-rules-for-auto-debit-for-online-payments/articleshow/86649206.cms">Grace periods and wallet payments ⁠— Apple and Zoom are reaching out to their customers ahead of the new rules for auto debit for online payments</a>

What is e-mandate or UPI autopay and how to enable it for Jio, Hotstar and others

<ul><li><keyword id="34757" type="General" weightage="20" keywordseo="jupiter" source="Orion">Jupiter</keyword> is now looking to foray into lending as well as wealth management space.</li><li>Jupiter is a digital banking startup that allows customers to set up their savings bank account.</li><li>It expects to launch its wealth management solutions in the third quarter, between July to September 2022.</li></ul>After opening up its digital bank to everyone last year, neobanking startup Jupiter is now looking to expand its business offering by foraying into lending as well as wealth management solutions for its existing customers. The company’s founder and chief executive officer (CEO) <keyword id="1289434" type="General" weightage="20" keywordseo="jitendra-gupta" source="Orion">Jitendra Gupta</keyword> told Business Insider that Jupiter has three main areas of focus at the moment — increasing user engagement on the platform, investment options and introducing consumer lending services, which will help them monitise the platform. Jupiter is a <a href="https://jupiter.money/team/">digital banking startup</a> that allows customers to set up their savings bank account with in-built money management features such as real-time spending insights, tracking liquid assets across bank accounts, personalised savings goals and managing transactions. <cmsannotation type="cmsannotation" annotationid="Jupiter’s plans with lending" comment="subhead" text="Jupiter’s plans with lending">Jupiter’s plans with lending</cmsannotation> As far as lending is concerned, Jupiter wants to start its lending journey with a credit line offering by June this year and later expand into the <keyword id="180660" type="General" weightage="20" keywordseo="personal-loan" source="Orion">personal loan</keyword> domain. The option would only be open for Jupiter users, who have signed up with the platform and bank with them. Even though the competition in the personal lending space has been quite tough with the existence of players like Paytm and Mobikwik, Jupiter is not too concerned about that as the market is quite big to accommodate several big players. “Even if you keep offering the 10-15% customers, it’s a very very sizable offering,” Gupta emphasised. Secondly, the company plans to differentiate itself by offering credit lines and loans to <a href="https://www.businessinsider.in/business/startups/news/neobanking-startup-jupiter-jitendra-gupta-says-he-does-not-want-to-get-distracted-with-unicorn-status/articleshow/91148726.cms">existing one million customers</a> instead of keeping the offering open to all. Gupta noted that sourcing customers from the open market is riskier since there is no other relation between the customer and lender, in their case, however, the customers are banking with them on a regular basis, which makes it easier for the company to judge their credit profiles. <cmsannotation type="cmsannotation" annotationid="Mutual Funds may be launched by September this year" comment="subhead" text="Mutual Funds may be launched by September this year">Mutual Funds may be launched by September this year</cmsannotation> On the wealth side, the company plans to start with <a href="https://www.businessinsider.com/personal-finance/mutual-funds">mutual funds-type of products </a>since it majorly serves retail investors. The company intends to offer a “boutique of investment products” according to the customer's risk profile. “We haven't decided anything there, honestly. It is currently In the planning phase. But the roadmap is still not very clear. What I am very sure or certain [of] is that mutual funds are a no-brainer, because for any retail customer that is a first product they want to experience,” Gupta noted. Jupiter expects to launch its wealth management solutions in the third quarter, between July to September 2022. The three-year-old company will compete with startups like Zerodha, Groww, Upstox, Paytm Money and Mobikwik in the wealth management space. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/zomato-policybazaar-nykaa-and-paytm-shares-witness-sharp-corrections/articleshow/91365062.cms" data-type="tilCustomLink">New-age startups Zomato, PolicyBazaar, Nykaa and Paytm witness sharp corrections, market cap craters by over ₹6,000 crore</a> <a href="https://www.businessinsider.in/stock-market/news/ril-tvs-motor-voltas-among-stocks-to-watch-out-for-on-may-6/slidelist/91362043.cms" data-type="tilCustomLink">RIL, TVS Motor, Voltas among stocks to watch out for on May 6</a> <a href="https://www.businessinsider.in/stock-market/news/delhivery-ipo-size-cut-down-by-a-third-due-to-market-volatility-and-lic-ipo-say-analysts/articleshow/91348072.cms">Delhivery IPO size cut down by a third due to market volatility and LIC IPO, say analysts</a>

INTERVIEW: Jitendra Gupta’s Jupiter neobank is all set to foray into personal lending and mutual funds this year

<keyword id="4791624" type="PERSON" weightage="20" keywordseo="facebook-pay">Facebook Pay</keyword> is arriving on other online shopping platforms, starting with e-commerce platform Shopify, that will help businesses ensure a seamless checkout experience for their customers on their own websites. Currently, the <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> Pay system is available for users on its main platform, as well as on <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword> and Instagram. "Starting this August, businesses in the US who use participating platforms will have the ability to enable Facebook Pay as a payment option directly on their websites, giving their customers the ability to speed through checkout without having to re-enter their payment information," the company said in a statement on Thursday. "We're starting the rollout with Shopify merchants and expect to expand availability with more platforms and payment service providers over time," the social network added. People already use Facebook Pay to send money, shop, donate and more, across Facebook apps and services. The company said that Facebook Pay is designed to help businesses drive conversion higher by giving customers a low-friction and mobile-friendly way to pay online. "Payment details are encrypted and securely stored, eliminating the need for businesses to manage customers' card or bank account numbers," it added. "The card and bank account numbers that people provide will not be used to personalise their experience or inform the ads they see". Shopify in February partnered with Facebook to bring its checkout and payment processing system -- <keyword id="10737731" type="COMPANY" weightage="20" keywordseo="shop-pay">Shop Pay</keyword> -- to Facebook and Instagram. Facebook last month rolled out the ability for <keyword id="176655" type="POSITION" weightage="20" keywordseo="messenger">Messenger</keyword> users in the US to leverage QR codes and payment links when they want to send or request money with Facebook Pay, even if they're not connected on Facebook. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tatva-chintan-pharma-chem-ipo-heres-how-to-apply-via-banks-and-apps-like-zerodha-upstox/articleshow/84462586.cms">Tatva Chintan Pharma Chem IPO: Here’s how to apply via banks and apps like Zerodha, Upstox</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/valve-steam-deck-price-in-india-specifications-launch-date/articleshow/84464421.cms">Valve’s Steam Deck handheld gaming device promises to bring the power of consoles in your hands</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/xiaomi-pips-apple-takes-second-place-in-global-smartphone-shipments-in-q2-2021/articleshow/84464531.cms">Xiaomi overtakes Apple to capture second place in global smartphone shipments for the first time</a>

Facebook Pay arrives on online shopping platform Shopify

<ul><li><keyword id="3489537" type="PERSON" weightage="20" keywordseo="Smallcase">Smallcase</keyword> offers a weighted portfolio of stocks and ETFs for retail investors to invest in.</li><li>The company will use this funding to expand its investment products across mutual funds, global equities and bonds.</li><li>This is <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>’s first investment in India’s wealth management space.</li></ul>Global e-commerce giant Amazon has made its first investment in the Indian wealth management sector by participating in Bengaluru-based fintech startup <keyword id="3921443" type="PERSON" weightage="20" keywordseo="Smallcase-Technologies">Smallcase Technologies</keyword>’ $40 million round. Smallcase was founded in 2015 by Indian Institute of Technology (IIT) Kharagpur alumni Anugrah Shrivastava, Rohan Gupta, and Vasanth Kamath. The company provides users with weighted portfolios of stocks and exchange traded funds (ETF) for retail investors to invest in using their personal existing demat accounts. These portfolios were created by in-house licensed professionals as well as access to independent investment managers, brokerages and wealth platforms. The company works with stockbrokers like HDFC Securities, Zerodha, AxisDirect, Edelweiss and 5Paisa. Smallcase’s $40 million funding round was led by Faering Capital, with participation from <keyword id="1430452" type="ORGANIZATION" weightage="20" keywordseo="PremjiInvest">PremjiInvest</keyword>. Existing investors <keyword id="11884601" type="UNKNOWN" weightage="20" keywordseo="sequoia-capital-and-blume-ventures">Sequoia Capital and Blume Ventures</keyword> also participated in this round. With this round, the fintech startup has raised $60 million to date. The company will use this capital to expand its investment products across mutual funds, global equities and bonds. A part of the funding will also be used to build its technology platform and further build its distribution network. The development was first <a href="https://www.bloomberg.com/news/articles/2021-08-18/amazon-enters-indian-wealth-management-with-bet-on-smallcase">reported</a> by Bloomberg. SEE ALSO <a href="https://www.businessinsider.in/tech/news/windows-11-microsoft-rolling-out-updated-snipping-tool-calculator-and-mail-apps/articleshow/85292943.cms">Windows 11 Microsoft rolling out updated snipping tool, calculator and mail apps</a> <a href="https://www.businessinsider.in/business/corporates/news/infibeam-avenues-is-looking-to-acquire-a-point-of-sale-company/articleshow/85292156.cms">INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company</a>

Amazon makes its first investment in Indian wealth management sector with Smallcase

<ul><li>The share sale will remain open for investors until September 24 at a price band of ₹305-306 per share</li><li>In an exclusive chat with Business Insider Angel broking CEO Vinay Agrawal shared how the company has transformed its business digitally and saw almost 400% growth in the past few years. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>After two successful IPOs last week, the market is back on seeing the line of companies looking to raise funds via shares sale. The next in the line is India’s fourth-largest stockbroking firm Angel broking with its ₹600 crore IPO opening tomorrow. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Specifics </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opening date </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 22 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closing date </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 24 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO target </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹600 crore </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price Band </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹305-306 per share </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Minimum bid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 49 equity shares </td></tr></tbody></table> The IPO from Angel Broking has come at a time when the rest of the broking industry has been under pressure. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock change in the past three years </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss Financial Services </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-78% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Financial Services </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-55% </td></tr></tbody></table> And, this disappointing trend is well reflected in the company’s grey market premium. The premium for its unlisted shares has declined to 16% from 25% before the price band announcement, whereas other companies like CAMS and Chemcon are seeing a massive demand for their unlisted shares. However, Vinay Agrawal, the CEO of Angel Broking, had a different story to tell. The growth since the pandemic has been exponential. “If you look at the daily retail turnover of the industry, you will find that it has been growing at a very very healthy rate. It is growing at a rate of almost 30%. I will tell you in the fiscal year 2018 the total retail daily turnover was ₹3.4 lakh crore and if you look at today in the first quarter, it is ₹7.10 lakh crore. 100% growth, that’s a very very healthy trend in the industry, and if you look at digital broking firms, like us, we have grown by 400%,” Agarwal told Business Insider in an interview. <div type="image" title="ANgel broking (1)" msid="78235538" hostid="261"></div> And, most of the new users are small investors living outside India’s big cities. “Young customers are coming from tier-3 cities, and they are digital native customers,” he said. <div type="image" title="Angel" msid="78235546" hostid="261"></div> A digital rebirth Angel Broking has been around since 1996 but its all-digital avatar took its final shape only last year. “We have been trying to be digital, but the Indian ecosystem was not really ready. After Jio was launched everyone moved to 4G and other telecom operators kind of joined the bandwidth. We saw a very very interesting change. We started to see a lot of people from tier 2, and tier 3 cities started participating. This was very encouraging. You know earlier broking houses will typically get customers from their own branches and you can’t set up branches in tier 2 and tier 3 cities as there weren’t a lot of customers in those cities.” It’s not just Angel Broking, even peers like Zerodha and Paytm have a similar narrative. In fact, Zerodha’s trading platform Kite has over 3 million users, where the average age is 25-35. The bootstrapped unicorn also claims to have 15% of the retail trading volume. “Post COVID and the lockdown, there have been a lot of new and first time investors entering into the markets, which has seen most of the online brokerages add more than twice the number of monthly accounts being opened before the lockdown,” Zerodha founder Nithin Kamath told Business Insider in <a href="https://www.businessinsider.in/business/startups/news/zerodha-founder-defends-the-self-valuation-of-nearly-a-billion-dollars-and-why-he-never-raised-funds-from-investors/articleshow/76991607.cms">an earlier interview. </a> A new but promising entry in the market is Paytm Money’s stock broking feature, solely because of its opportunity to tap into the user base of its parent app – Paytm. “If they bring 10 million of those users into the stock market, it would be massive," Vivek Bajaj, co-founder of Stockedge told<a href="https://economictimes.indiatimes.com/markets/stocks/news/ant-backed-brokerage-looks-to-tap-indias-stock-trading-mania/articleshow/78200998.cms"> The Economic Times </a> recently. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Users </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.15 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zerodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Money (Mutual funds. Stock broking launched recently) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Groww </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80 lakh </td></tr></tbody></table>Source: Company data Watch the entire interview with CEO of Angel Broking here: <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="2" retweetcount="2" status="#HangoutwithBI | @BiIndia's @iyer_sriram in conversation with @AngelBrokingLtd's CEO @vinay_agr on their pitch to I… https://t.co/jmxVodQavV" createdat="1600678758000" id="1307967627868864512"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/chemcon-speciality-chemicals-318-crore-ipo-heres-what-works-and-what-doesnt/articleshow/78231465.cms" data-type="tilCustomLink">Chemcon Speciality Chemicals ₹318 crore IPO fully subscribed within two hours — Here’s what works and what doesn't</a> <a href="https://www.businessinsider.in/stock-market/news/route-mobile-shares-price-and-listing-gains-after-a-strong-debut-on-the-bourses/articleshow/78227846.cms" data-type="tilCustomLink">After Happiest Minds Tech, Route Mobile doubles the money invested in the IPO</a>

INTERVIEW: Angel Broking CEO believes the ₹600 crore IPO will ride the ‘digital’ euphoria

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> is set to launch its stock market trading service in the next few weeks. </li><li>Paytm had received the approval for stock broking from SEBI in January 2020.</li><li>With this, the company will be competing with the likes of Zerodha.</li></ul>After gaining leadership in the digital payments arena, and foraying into mutual funds and insurance, Paytm is expanding its services further to bring its customers more options. Paytm is all set to launch its stock broking service in the next few weeks. <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, the founder of the digital payments company, announced during the Global Fintech Festival. “Payments is the largest revenue for us, and then we started to build different commerce stacks like ticketing and then came the e-commerce business. We then started to build our financial services stack, we have insurance and hope to do lending, we are doing good in mutual funds and we hope to do <keyword id="3227511" type="PERSON" weightage="20" keywordseo="stock-brokerage">stock brokerage</keyword> soon which we will be launching in the next few weeks,” Sharma said. Sharma said the stock broking offering will come under the <keyword id="9629839" type="UNKNOWN" weightage="20" keywordseo="paytm-wealth">Paytm Wealth</keyword> feature. <div type="Article" hostid="261" msid="77124146" title="WhatsApp is starting lending and insurance with a number of users that Paytm, PhonePe and Amazon took years to build" mstype="2" mssubtype="0"></div> Paytm had received the approval for stock broking from SEBI in January 2020. “We will be introducing new capabilities &amp; offerings on our platform, such as trading in equities &amp; cash segments, derivatives, ETFs and more exchange traded products,” the company had said then. Paytm will be competing with the likes of Zerodha, which claims to currently account for 15% of the Indian retail trading volume with a customer base of 2.8 million. The average age of users is between the age bracket of 25-35. With this Paytm is moving towards “becoming a full-stack wealth management platform”. Once, not very long back, just the leader in payments, Paytm’s parent company One97 communications has now forayed into a bunch of new businesses. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Mall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">E-commerce </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm First Games </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gaming </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Money </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual Funds </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Insider </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Entertainment </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Insurance Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Insurance </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Payments Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Banking </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-walmarts-india-business-kirana-stores-network-to-bolster-e-retail-play/articleshow/77123978.cms">Flipkart buys Walmart’s India business - 'kirana stores' network to bolster e-retail play</a> <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-finalises-max-life-insurance-investment-and-is-closer-to-raising-more-funds/articleshow/77128780.cms">Axis Bank finalises Max Life Insurance investment and is closer to raising more funds</a>

Paytm is set to launch its stock market trading service in the next few weeks, says founder Vijay Shekhar Sharma

<ul><li><keyword id="100578" type="COMPANY" weightage="20" keywordseo="Sharekhan">Sharekhan</keyword> today announced its foray into digital-led <keyword id="2888417" type="PERSON" weightage="20" keywordseo="Discount-broking">discount broking</keyword> with a new platform – Espresso.</li><li>In an interview with Business Insider, R Kalyanaraman, Espresso’s Chief Customer Officer, explains why for the 20-year old firm, discount broking was seen as the ‘need of the hour’ to serve India’s new age stock broking investor – the millennial Indian. </li><li>In a bid to win the confidence of the consumer, Espresso works on a model where it will take brokerage fees for intra-day trading only if the user makes a profit.</li></ul>Leading stock broking firm Sharekhan today announced its foray into digital-led discount broking with a new platform – Espresso. For the 20-year old firm, discount broking was seen as the ‘need of the hour’ to serve India’s new age stock broking investor – the millennial Indian. And interestingly, in a bid to win the confidence of the consumer, Espresso works on a model where it will take brokerage fees for intra-day trading only if the user makes a profit. In an interview with Business Insider, R. Kalyanaraman, Espresso’s Chief Customer Officer, talks about Espresso and the company’s plan to take no charge for brokerages services if you register a loss in an intra-day trade. Discount broking foray Kalyan believes that multiple things have happened in the last three-five years that led to Sharekhan’s entry into discount broking. “There is clearly a segmentation of customers. One which seeks services from a full services broker like Sharekhan, they need a relationship manager, reports, and a lot more hand-holding. And in the last few years, we have observed the trend that there are a lot of new to market investors who want to do things by themselves,” he said. So Espresso was built for this emerging clan of customers who just needed digital support but would trade the DIY way. “An Espresso customer would be very different from a Sharekhan consumer,” he said. Espresso will be competing with the likes of Zerodha who have already garnered a good reputation in the market. Espresso Competition <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Users </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.15 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zerodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Money (Mutual funds. Stock broking launched recently) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Groww </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80 lakh </td></tr></tbody></table>Source: Company data Building for the millennial customer Right from the name ‘Espresso’ to the look and feel of the website, it doesn’t look like a traditional stock broking firm. Kalyan says it was an intentional step to build a product for the new-age customer. “The whole idea of branding the new company Espresso was to communicate in clear terms that investing is not a taboo – it’s not something to dread about,” he said. Kalyan shared that in the past few months, discount brokers account for nearly 60-70% of the total new accounts opened, which shows that the average investor age group is getting younger. Sharekhan CEO Jaideep Arora shared during a conference call with reporters that while they have already invested ₹50 crore in Espresso, they would invest more ₹25-30 crore along the way. Free brokerage if you register a loss in intra-day transactions Espresso has also made a bold move with a ‘Pay When You Profit’ pricing model for intra-day trading. With this, the company will charge brokerage fees only when you make a profit on the same day trading. “The idea was to give the customer an additional chance to learn from their mistakes. I’m trying to say that for an intra-day trade, even if you make a mistake, don’t worry, don’t pay me brokerage. There are multiple ways to connect with the customer and this is our way of saying we are in this for the long haul,” said Kalyan. And he dismisses that this model might not be sustainable. Instead, he says if they can build credibility with this model, they will show the consumer that they “are partnering with the user for the road to success”. “We have a huge support from the balance sheet of BNP Paribas (Sharekhan’s parent company) and we can go ahead and paint the town red. We chose not to do so because we don’t want to just spend money and acquire customers. We hope to make a serious name in the stock broking industry and be in the top 3 in the next five years,” said Kalyan. SEE ALSO: <a href="https://www.businessinsider.in/business/news/smaaash-shuts-down-founder-calls-it-a-premature-death-for-the-company/articleshow/78251754.cms">Smaaash shuts down – founder calls it a ‘premature death’ for the company</a> <a href="https://www.businessinsider.in/business/startups/news/insurancedekho-raises-its-maiden-20-million-from-parent-co-plans-to-expand-to-its-reach-in-the-real-bharat/articleshow/78250655.cms">INTERVIEW: InsuranceDekho raises its maiden $20 million from parent co – plans to expand to its reach in the ‘real Bharat’</a> <a href="https://www.businessinsider.in/tech/apps/news/dailyhunt-to-launch-family-of-bharat-apps-claiming-it-can-push-a-new-mobile-app-every-three-days/articleshow/78250283.cms">EXCLUSIVE: Dailyhunt is curating an entire family of 'Bharat' apps — claims it can push a new mobile app every three days</a>

INTERVIEW: Sharekhan’s new discount broking platform will take no fees for a loss-making trade

<ul><li>Viram Shah, CEO of <keyword id="9516879" type="UNKNOWN" weightage="20" keywordseo="Vested-Finance">Vested Finance</keyword>, shares what has kept most Indians away from US investing and answers the whys and hows of investing in international markets.</li><li>In 2020, Vested Finance completed $100 million in trade.</li><li>The three-year old startup recently raised $3.6 million in a seed funding round.</li></ul>For the Mumbai-born Viram Shah, who was pursuing his master’s in business administration in the US, it was frustrating that even though Indians use most of the products from big US-based companies, they weren’t really investing in them. The former JP Morgan investment analyst then partnered with his friend Darwin Arifin to start Vested Finance -- an online investment platform which allows Indian investors to invest in the US <keyword id="6357440" type="DEFINITION" weightage="20" keywordseo="Stock-Market">stock market</keyword>. In 2020, Vested Finance crossed $100 million in trade. The three-year old startup recently raised $3.6 million in a seed funding round from Moving Capital, Ovo Fund and TenOneTen Ventures in the U.S., and Inflection Point Ventures and Venture Catalysts in India. In a conversation with Business Insider, Shah shares what has kept most Indians away from US investing and answers the whys and hows of investing in international markets. Is it even legal to invest? Shah shares that when they started Vested Finance in 2018, the most common question he had to answer was whether it is legal to invest in US stocks from India. This was then followed by questions like how does one get to do it and what the investment opportunities are. The answer is -- Indians can start investing in the US stock market by opening an overseas account with an Indian brokerage, open an account with foreign brokerage or invest through Mutual Funds with global equities. Vested has partnered with US stock brokerage firm DriveWealth and has partnered with 25 firms in India across brokers, bank brokers, fintech cos and distributors as well. “We started off with a Business to Consumer (B2C) format and started onboarding customers who wanted to invest internationally. Over time, a lot of existing financial institutions reached out to us saying we want to offer US investments to our clients but we don’t want to go through the entire hassle of partnering with US platforms etc.,” Shah told Business Insider. It currently counts Axis Securities, Kuvera, Angel Broking and 5Paisa among others as its clients. Lack of awareness is the biggest competition In India, there are multiple <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> that have partnered with US-based broking firms to enable investing – INDmoney, Groww and Stockal to name a few. Even the likes of Zerodha, India’s largest retail trading platform in terms of users, is contemplating bringing US stocks on its platform. Yet, Shah believes that the current biggest competition is not from fellow companies but from the fact that there is not much awareness about international investing. “The space overall is still evolving, a lot of things still need to be streamlined in the customer journey,” he said. But the potential is huge. India has seen a huge uptick in the number of people investing in Indian stock market. Nithin Kamath, founder of Zerodha, had recently taken to Twitter to share the number of new Demat accounts added in 2020 is a clear indication of the increased interest in investing. December 2020 was the <a href="https://www.businesstoday.in/markets/market-perspective/a-million-demat-accounts-opened-for-fifth-straight-month/story/424181.html">fifth month</a> in a row where India saw one million Demat accounts being added per month. <div type="twitter" handle="Nithin0dha" handlename="Nithin Kamath" image="http://pbs.twimg.com/profile_images/1330378133762166788/oS6H5t5e_normal.jpg" favoritecount="728" retweetcount="69" status="Here's the yearly Demat addition for the last 20yrs. Stockbroking is as high beta as it can get. When someone asks… https://t.co/ROnzodOxEI" createdat="1613734086000" id="1362725642647707650"></div> And Shah believes that in an ideal scenario, every Indian retail investor should diversify their portfolio to include 15-20% investment internationally. Taxes and high withdrawal fees are keeping customers away Currently, the Reserve Bank of India allows an Indian to invest only up to $250,000 (₹2 crore) overseas per year without having to apply for special permissions. But here is what you need to remember while investing in an US stock -- the profits will be subject to currency exchange rates and some brokerages may charge high commissions. Shah believes that withdrawal fee continues to be a big hiccup for <keyword id="10818314" type="UNKNOWN" weightage="20" keywordseo="US-stock-investing">US stock investing</keyword>, but there has been a lot of improvement in the sector. “The withdrawal fee used to be $35 per transaction and now it’s $11. We expect it to come down further as things get more streamlined,” he said. Vested Finance, like most other stock broking platforms, does not charge any commission. So one wonders, how do they make money? “We have an upfront account opening fee of ₹399, we have a premium plan as well, which provides value add services, reduces the withdrawal fee, among other things. Over time, we expect a lot of different opportunities to open up as we hopefully will get a broking license in the future,” he said. What are the ‘safe stocks’ to bet on? While for Indians, the likes of Tesla, Facebook and Apple have been favourite US stocks, according to Shah pandemic-driven stocks like Pfizer, Zoom and Netflix have also been a hit in 2020. But for beginners to the US stock market, Shah advises to invest in exchange-traded funds (ETFs). An exchange-traded fund, which is quite similar to a mutual fund, is an investment fund which trades with securities, bonds and stocks. “The best way to go about it is pick an index ETF, a technology ETF and balance it out with a debt fund and some gold investments. That’s a very simple strategy. There are also pre-determined allocations called Vests which we offer, which is popular among first time investors,” he said. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/dassault-aviation-has-an-india-it-services-unit-offering-defence-msmes-a-digital-trial-room-where-they-can-test-their-products-to-bag-more-contracts/articleshow/81183313.cms">INTERVIEW: Dassault Aviation has an India IT services unit offering defence MSMEs a digital ‘trial room’ where they can test their products to bag more contracts</a> <a href="https://www.businessinsider.in/business/startups/news/ipo-bound-zomato-valuation-jumps-to-5-4-billion-as-it-cashes-in-another-250-million/articleshow/81164109.cms">IPO-bound Zomato's valuation jumps to $5.4 billion as it cashes in another $250 million</a>

Vested Finance CEO shares his guide to US stock investing for Indians

<ul><li>Indians are eyeing greater returns from the US stock markets. </li><li>New-age broking companies like <keyword id="10636221" type="UNKNOWN" weightage="20" keywordseo="indmoney">INDmoney</keyword>, Stockal, 5paisa, Vested Finance and more are making way for Indians to invest in companies like Tesla, Facebook, Apple, Amazon etc.</li><li>One of India’s largest brokerage firms Zerodha is reportedly working with a US stock broking firm to bring the option to its users.</li></ul>While most Indians are celebrating Sensex hitting the historic level of 50,000, there are many others going for bigger gains in markets abroad. Indians are now buying stocks like Apple, Facebook, Tesla, Netflix through stock broking companies ⁠— INDmoney, Groww and Stockal to name a few⁠— which have partnered with US-based broking firms to enable investing. For instance, Asian Paints was <a href="https://www.cnbctv18.com/market/from-40k-in-2019-to-50k-now-here-are-the-top-gainers-that-helped-sensex-achieve-the-milestone-8068721.htm">the best performer</a> among all stocks in the last 10,000 points of the rally that took a little under eight months. The country’s largest paint maker gained nearly 98% in that time. Even compared to that, the rally in some technology stocks in the US has been spectacular. Here’s a look at the returns offered by <keyword id="48211" type="ORGANIZATION" weightage="20" keywordseo="US-stocks">US stocks</keyword>, according to wealth-tech platform Winvesta. Top 5 US Stocks on Winvesta <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year return </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 year return </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 year return </td></tr><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TSLA </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">530% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">592.4% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">812.2% </td></tr><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AAPL </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">71.5% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">156.4% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">264.8% </td></tr><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BRK.B </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.2% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.3% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51.6% </td></tr><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AMZN </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">68.9% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">174.2% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">362.3% </td></tr><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MSFT </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">42.9% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">145.3% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">290.7% </td></tr></tbody></table>Source: Winvesta, Yahoo Finance. Returns are in USD. While the decade-long bull run in the US has been a big pull for Indian investors, there are other factors, too, which make such investments attractive. “The declining value of the rupee and rising dollar value have also pushed more Indians to put their money into US markets,” Vinay Bharathwaj, Co-Founder &amp; Co-CEO, Stockal Inc told Business Insider, adding that, “the US market gives stable and even generous returns at lower volatility over the long term.” <cmsannotation type="cmsannotation" annotationid="How to invest in US stocks" comment="subhead" text="How to invest in US stocks">How to invest in US stocks</cmsannotation> Indians can start investing in the US stock market by opening an overseas account with an Indian brokerage, open an account with foreign brokerage or invest through Mutual Funds with global equities. Currently, the Reserve Bank of India allows an Indian to invest only up to $250,000 (₹2 crore) overseas per year without having to apply for special permissions. But here’s what you need to remember while investing in an US stock, the profits will be subject to currency exchange rates and some brokerages may charge high commissions. <cmsannotation type="cmsannotation" annotationid="Startups that offer US stock investment to Indians" comment="subhead" text="Startups that offer US stock investment to Indians">Startups that offer US stock investment to Indians</cmsannotation> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Brokerage </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">INDmoney </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zero commission, transaction charges depending on banks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Groww (in beta phase) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stockal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ranges from zero commission to subscription and volume based pricing. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5paisa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zero commission (wire transfer and foreign exchange conversion fees applicable) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Winvesta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$0 per trade for 3 trades per month (10 free trades in the first month). $1 per trade after free trades </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vested Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zero (Subscription charges are separate) </td></tr></tbody></table>*Zerodha <a href="https://www.moneycontrol.com/news/business/markets/zerodha-to-offer-option-to-invest-in-us-stocks-says-no-minimum-investment-5251041.html">reportedly</a> has its US stock investment offering in the pipeline. One of the popular platforms that was also one of the first to offer US stocks to Indian investors is the Ashish Kashyap-led INDmoney. The startup in May 2020 partnered with DriveWealth, LLC, a member of FINRA (Financial Industry Regulatory Authority) and SIPC (Securities Investor Protection Corporation) and a licensed carrying and self-clearing broker based out of the United States. The startup also claims “zero account opening fee, zero brokerage i.e. no charges on buying and selling.” <div type="twitter" handle="deepakabbot" handlename="Deepak Abbot" image="http://pbs.twimg.com/profile_images/1197371543287816192/pYK77Tn7_normal.jpg" favoritecount="140" retweetcount="9" status="Another awesome offering from @INDmoneyApp - bought my first ever US stock using indcoins 🤩 https://t.co/GEC5yfIkOV" createdat="1610376983000" id="1348644935222771715"></div> <cmsannotation type="cmsannotation" annotationid="Indians are eyeing greater returns from US stocks" comment="subhead" text="Indians are eyeing greater returns from US stocks">Indians are eyeing greater returns from US stocks</cmsannotation> Bharathwaj believes that in today’s world it seems rather restrictive that an Indian investor should not have access to own shares of companies like Netflix, Tesla and Amazon. He said that the problem with wealth management firms was they came with large minimum account requirements, rigid investing plans, extra costs for research, high commissions, and entry/exit loads. “The availability of homegrown digital investment platforms that have made investing in the US market easy and accessible are also one of the major reasons why investors are considering expanding the scope of their investments. At Stockal, we have partly digitized the Liberalized Remittance Scheme (LRS) process, working with six banks in India, and are making it completely online, working along with a couple of our very large banking partners,” he said. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Duration </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stockal Daily Transaction Volume </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top traded stocks by Indians on Stockal </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April-June quarter </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 mn/per day </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tesla (TSLA), Trivago (TRVG), Nio (NIO), Amazon (AMZN) and Palantir (PLTR) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last six months </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 mn/per day </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/recession-in-india-will-end-latest-by-march-says-a-top-economist/articleshow/80399198.cms">Recession in India will end latest by March, says a top economist</a> <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a>

Here’s how Indians are buying Tesla, Facebook, and Apple shares through brokerage startups

Bengaluru, <keyword id="2706733" type="COMPANY" weightage="20" keywordseo="amazon-alexa">Amazon Alexa</keyword> turned three in India on Monday and the <keyword id="10548297" type="UNKNOWN" weightage="20" keywordseo="customer-interactions">customer interactions</keyword> with the virtual assistant increased 67 per cent in 2020. The customers said "<keyword id="216947" type="ENTERTAINMENT" weightage="20" keywordseo="I-Love-You">I love you</keyword>" to Alexa 19,000 times a day, up a massive 1,200 per cent from 2019, according to the company. More customers in non-metro cities brought home an Echo device, accounting for over 50 per cent of India's Alexa users. "Be it the Echo device in the living room, 100+ Alexa built-in devices or your favourite smartphone, it is heart-warming to see users across the length and breadth of the country across age groups find value and adopt Alexa in their daily lives", said Puneesh Kumar, Country Leader for Alexa, <keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword>. "For us, it is always Day 1 as we learn from our customers and continue to add new features, improving Alexa's understanding on topics that matter to users locally," he said in a statement. Customers from over 85 per cent pin codes purchased Echo smart speakers in 2020. On Alexa's third anniversary, Amazon said it will make the digital assistant affordable, more accessible for customers looking to welcome the voice service in their homes. "Starting 12 midnight on February 15, for 24 hours, sellers on Amazon.in will have blockbuster offers on best-selling Echo Devices, attractive smart home bundles and more. Customers can also shop from a curation of smart-home accessories from some of India's biggest consumer electronic brands," the company announced. Leading smartphone brands in India now offer Alexa built-in phones. Currently, there are six smartphones including Redmi Note 9 Pro and OnePlus Nord that offer built-in Alexa.. In 2020, Alexa debuted on the Amazon Shopping App (Android only) and responded to over 5.8 Lakh requests every day to search for products, best deals, and music. Last year, customers in India asked Alexa to control a smart home gadget 8.6 lakh times every day, preferring voice to control their smart home gadgets. Led by <keyword id="2586591" type="COMPANY" weightage="20" keywordseo="amazon-echo">Amazon Echo</keyword> devices, the shipments of smart home speakers were expected to cross 7.5 lakh units in India by the end of 2020, which is an all-time high, according to market research firm techARC. The market is primarily led by Amazon Echo Smart Speakers, which had a massive 95.9 per cent cumulative market share for the January-September period. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-explain-why-indigo-paints-shares-fell-with-a-thud-just-like-burger-king-and-mrs-bectors-and-what-to-do-with-it-now/articleshow/80704864.cms">Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out</a> <a href="https://www.businessinsider.in/tech/news/the-india-stack-that-bill-gates-and-sundar-pichai-so-love-is-set-to-get-much-bigger-thanks-to-the-indian-governments-new-blockchain-strategy/articleshow/80718403.cms">The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy</a>

Indians said ‘I Love You' to Amazon Alexa 19,000  times a day in 2020

<ul><li>Beginning April 1, a 30% tax will apply to all forms of virtual digital assets (VDA), or <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> assets, that are sold at a profit.</li><li>A 1% <keyword id="17506" type="General" weightage="20" keywordseo="tds" source="Orion">TDS</keyword> will be held back each time you sell a crypto asset, and will be set-off against the <keyword id="12151324" type="General" weightage="20" keywordseo="crypto-tax" source="Orion">crypto tax</keyword> at the end of the year.</li><li>The crypto tax cannot be set-off against other business expenses.</li><li><keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>’s Finance Minister has reiterated that the existence of a targeted tax does not give crypto ‘legal status.’</li></ul>From April this year, cryptocurrency gains will be<a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms"> taxed at 30</a>% – which is the highest tax bracket, and the<a href="https://www.incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx"> same rate as</a> lottery winnings. This would apply to all “virtual digital assets,” right from Bitcoin to NFT and related earnings. By contrast, the tax rate on <a href="https://cleartax.in/s/taxation-on-income-earned-from-selling-shares">stock trading</a> can range from zero (if filed as business income based on tax slab) to 15% (if filed as short-term capital gain). A tax rate on par with the lottery is the tip of the iceberg though, and <a href="https://blog.coindcx.com/crypto-news-india/crypto-taxation-guide-budget-2022/">crypto investors</a> will need to be aware of other provisions as well, to remain on the right side of the law in the financial year 2022-23. India is said to have<a href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms"> almost ten million</a> cryptocurrency users, seeing<a href="https://twitter.com/NischalShetty/status/1501249861160742915"> about $100 billion</a> in trading volume in 2021. By<a href="https://twitter.com/NischalShetty/status/1501249863421509634"> the calculations</a> of the founder of WazirX, an Indian crypto exchange, that could yield $100 million (or ₹ 750 crore) additional income tax in a year. <cmsannotation type="cmsannotation" annotationid="Taxing crypto: Direct tax provisions in the Budget" comment="subhead" text="Taxing crypto: Direct tax provisions in the Budget">Taxing crypto: Direct tax provisions in the Budget</cmsannotation> Firstly, all crypto profits gained over the course of the year will be<a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms"> taxed at a flat 30%</a> rate. So for example, a person who buys a crypto asset at ₹10,000 and sells it at ₹12,000 would show a profit of ₹ 2,000 and pay 30% tax, which is ₹600. A person who bought a crypto asset that increased in value greatly, but is yet to sell it, by definition has made no profits yet. Such crypto asset holdings where one has not ‘realised’ the gains, will not qualify for tax until some portion of it is sold. Similarly, after accounting for all crypto transactions made across the year, if one is in loss overall with no profits made, there will be no tax to pay. <cmsannotation type="cmsannotation" annotationid="Tax deduction at source (TDS): Nibbling away at the capital" comment="subhead" text="Tax deduction at source (TDS): Nibbling away at the capital">Tax deduction at source (TDS): Nibbling away at the capital</cmsannotation> The government has mandated at 1% TDS on all crypto transaction redemptions, to be deducted presumably by the <a href="https://www.businessinsider.in/investment/news/choosing-the-best-cryptocurrency-exchange-your-options-and-how-to-pick-between-them/articleshow/87539690.cms">crypto exchange</a> one uses. That means the TDS is deducted upon the entire transaction value even if you make a loss. For example, if you had bought Bitcoin worth ₹40,000 and sold it at the same price without any profit, you would get back only ₹ 39,600. If you then invest the same ₹ 39,600 into buying Ethereum or NFTs, and again sell at no profit, you would again lose 1% to TDS and get back only ₹39,204. This TDS collected can be set-off against the total income tax owed at the end of the year. <div type="twitter" handle="Nithin0dha" handlename="Nithin Kamath" image="http://pbs.twimg.com/profile_images/1501036351478968323/LbKX7lOo_normal.jpg" favoritecount="1186" retweetcount="126" status="They say the devil is in the details. I missed the 1% TDS on all Crypto trades, similar to the TCS of 0.1% on Gold.… https://t.co/4CZRqXZbCk" createdat="1644234571000" id="1490653948805808129"></div> Collecting 1% upon redeeming proceeds of every single trade would deplete available capital fast, <a href="https://twitter.com/Nithin0dha/status/1490653950848434176">as noted by</a> Nithin Kamath of the Zerodha trading platform. An investor who begins with any amount of capital, but makes almost zero profits overall due to market movements, will be left with only 50% of what they started with by their 69th trade, and only 25% by their 138th trade. This effect of making people think twice about whether a prospective trade is truly worth it, and thus clamping down on speculative trades could be intentional. As pointed out by experts, this TDS could steeply reduce the volume of crypto trade in India, once it is implemented in July 2022. The reason for this, is the opportunity cost imposed <a href="https://twitter.com/NischalShetty/status/1501249864600014852">by locking up</a> money for upto a year, until tax returns are filed for refunds. Note however, the income tax department could refund the entire TDS deducted over the course of the year, if a person’s tax returns can prove an overall loss in crypto trade. <cmsannotation type="cmsannotation" annotationid="Additional provisions that close loopholes" comment="subhead" text="Additional provisions that close loopholes">Additional provisions that close loopholes</cmsannotation> Persons who earn all or most of their income from crypto assets, can show their earnings as business income. However, no business expense deductions will be allowed upon crypto earnings, making this route unattractive. Avoiding the 30% crypto tax, and showing crypto profits as<a href="https://www.incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx"> capital gains</a> which is taxed at upto 20% plus surcharge, will not be allowed either. As for cryptocurrency mining, the government is mulling over whether to tax the activity as a goods or service, to bring it into<a href="https://www.thehindubusinessline.com/money-and-banking/cryptocurrency/government-exploring-ways-to-levy-gst-on-mining-of-cryptocurrencies/article64996507.ece"> the fold of GST</a>. The government also wants to make crypto<a href="https://www.thehindubusinessline.com/money-and-banking/cryptocurrency/indians-need-to-pay-gst-on-commission-paid-for-crypto-trade-done-on-exchanges-abroad/article64965481.ece"> trade on foreign crypto exchanges</a> subject to GST. Professionals and business-people will not be able to set-off gains or losses between their primary income and crypto income. Crypto-based prizes and gifts will also be subject to the 30% flat tax. So ‘airdrops’ of coin or NFT won’t be free. Receiving crypto assets as a gift won’t be free either, with the option of<a href="https://twitter.com/ThatNaimish/status/1499283438989242369"> deducting tax at source</a>. <cmsannotation type="cmsannotation" annotationid="Contrasting with current year’s tax provisions for crypto" comment="subhead" text="Contrasting with current year’s tax provisions for crypto">Contrasting with current year’s tax provisions for crypto</cmsannotation> Until the Union Budget 2022 was presented, India did not have special provisions for crypto earnings. So until the end of March 2022, most people who profitably cashed out of their crypto holdings are likely to show that as a short-term capital gain (STCG) and pay the appropriate rate of tax. Until the current fiscal year, employees, students and senior citizens whose overall income added up to less than the minimum tax threshold (₹ 2.5 lakh) were tax-free. But now with a targeted crypto tax, it isn’t clear if those earning less than the tax threshold will still need to pay tax on their crypto income. For the period ending in March 2022, tax filings by crypto investors can still show business expense deductions. However, those who are liable for advance tax payment will have to move fast. The last day for<a href="https://cleartax.in/s/interest-imposed-by-income-tax-department-under-section-234c"> paying advance tax</a> is 15 March 2022, and delaying would add an interest of one percent of the tax owed, for each month’s delay. While the tax rate on crypto stands at a flat 30% for the year 2022-23, the tax rate upon stock trading can range from zero (if filed as business income in zero tax slab) to 15% (if filed as short-term capital gain). <cmsannotation type="cmsannotation" annotationid="Legality of crypto is not assured by the targeted tax" comment="subhead" text="Legality of crypto is not assured by the targeted tax">Legality of crypto is not assured by the targeted tax</cmsannotation> Making herself clear, India’s Finance Minister Nirmala<a href="https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cms"> Sitharaman said</a> even though crypto isn’t regulated yet, the upcoming tax provisions do not give it ‘legal status.’ She said the country is simply invoking its ‘sovereign right’ to tax transactions. Moreover, a<a href="https://taxguru.in/income-tax/illegal-income-is-taxable-madras-high-court.html"> high court ruling</a> has previously made it clear that income tax is applicable to all income, whether earned ‘legally’ or not. The proposed<a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-gets-a-revamp-but-its-still-a-work-in-progress-says-finance-minister-nirmala-sitharaman/articleshow/88001952.cms"> framework for regulating crypto</a> is yet to be presented in Parliament, but the finance ministry is said to be working on a consultation paper, which is expected to be<a href="https://www.business-standard.com/article/markets/finance-ministry-working-on-consultation-paper-to-deal-with-cryptoassets-122031300845_1.html"> released for public comments</a> in six months. Disclaimer: This is not intended to be financial advice. We recommend making any major decisions after speaking to your tax consultant. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-group-ioc-bpcl-hpcl-reliance-hdfc-and-other-hot-stocks-on-march-21/slidelist/90344098.cms">Adani group, IOC, BPCL, HPCL, Reliance, HDFC and other hot stocks on March 21</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/the-powerhouse-behind-bored-ape-yacht-club-has-launched-its-own-token-apecoin/articleshow/90290207.cms">The powerhouse behind Bored Ape Yacht Club has launched its own token, ApeCoin</a>

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