Bengaluru
Bengaluru-based fintech firm Fabits said it would democratise the stock market and IPO investment opportunities for the common man.
To this end, the company would unveil an application that will feature multiple baskets with tailor-made investment options to fit the wealth creation goal of each investor. Users of the app would be able to pick their choice of the basket by making investments in the range of ₹5,000-75,000.
“Stock market fancy has been picking up in the country in the last couple of years, more so because of the falling interest rate. But unfortunately, 70-80% of the people try their luck in the stock market and lose money. Through this platform, we are trying to create a million millionaires in the country,” said Fabits CEO Dharmaraj H.
With Fabits, investors need not have to track market volatility, complex graphs of Sensex movement, or worry about daily changes in stock prices, not knowing how to invest. A dashboard would show investors how much their wealth has grown over a period of time, and options to grow it further. Once investors select their goal, decide the investment amount and duration of investment, Fabits takes over the investment on behalf of the investors, he said. “Portfolio management requires a minimum investment of ₹50 lakh and the investor also needs to pay a huge service charge. But here, we manage our app users’ investments for a very nominal fee and investment could be as low as ₹5,000,” he added. Fabits app would be officially unveiled in the first week of May, while a couple of hundred investors are already using it, on a pilot basis, and benefiting from it, the company said.
“Trading is exciting, but making money is not, because that requires market knowledge and understanding. That’s why we want to help investors earn the best from their investments,” Mr. Dharmaraj further said.
Published - April 26, 2022 10:08 pm IST
