 "CoinSwitch Kuber's Ashish Singhal")
Ashish Singhal, co-founder and group chief executive officer (CEO) of PeepalCo group | Illustration: Binay Sinha
PeepalCo, the company that operates the brand CoinSwitch, on Tuesday diversified its offerings by announcing the launch of a new app for stock investments called Lemonn.
The launch marks PeepalCo’s expansion into stock broking. It will be operated as a separate business division with its own managing and operations teams.
“The focus of Lemonn would be new or young investors who are getting into the stock market for the very first time or very early investors. It will help them discover the right stocks and help make their decisions on which stocks to buy, when to enter (the market), and how much to invest,” said Ashish Singhal, co-founder and group chief executive officer (CEO) of PeepalCo group.
The firm is offering zero trading brokerage for the first three months and no fees for account opening. Subsequently, it will introduce a flat fee structure for its users.
It is exploring other avenues on fee structures such as subscription models, and annual fees for customers, the company’s executives said during a virtual media roundtable.
The platform currently supports investments into equity with plans to foray into other investment classes in the future.
“There are a bunch of products lined up, but we will cater to the full suite, including futures and options, the ability to invest in IPOs, and mutual funds. Those will be built on top of this platform,” Singhal added.
Company executives added that their crypto trading platform CoinSwitch and the recently launched Lemonn will function independently from one another.
While it has plans to showcase the stock broking service to its current user base of over 20 million, Singhal said Lemonn will be a separate app and will adhere to Know Your Customer (KYC) and stock broking guidelines laid out by the markets regulator.
“PeepalCo is our parent entity which provides tech product services to both these branches which is CoinSwitch for crypto and Lemonn for stock broking. Both are completely independent companies represented by their independent management, decision making and operations. There is no intermingling between these products,” Singhal elucidated.
CoinSwitch has raised $302 million to date, according to data from market intelligence platform Tracxn. Singhal explained the company is currently well-funded with a runway of five years.
“We have five plus years of runway to grow both of these brands together. Once Lemonn reaches a level of success, we will hope to go to the market and see if we should raise a round separately,” he added.
First Published: Apr 02 2024 | 7:29 PM IST
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
