Gurgaon-based startup Sqrrl Fintech said it has raised $1 million in a pre-series A funding round from Equanimity Ventures Fund. Launched in March 2017 by Samant Sikka, Dhananjay Singh and Sanjeev Sharma the app is aimed at helping young Indians to build the habit of savings and investments. Sqrrl said it aims
to invest the funds in new age technologies, particularly machine learning and artificial intelligence, to sharpen its product recommendation and further smoothen its on-boarding process.“Targeting the rapidly growing segment of 300 million smartphone users, Sqrrl seeks to use the growth capital to reach out to a million users across India by 2019,” said Sqrrl co-founder Sanjeev Sharma, in a statement.
Sqrrl said it allows users to invest in high performing (zero-commission) mutual funds based on their investment needs, risk horizons and goals. Further, with a feature to round up spending to Rs 100 or Rs 500, Sqrrl said it automatically invests the leftover amount, making it extremely convenient for the young generation to save while they spend. ““I have found the Indian millennial generation to be pretty money savvy and naturally adapting to technology platforms like Sqrrl to achieve their short-term and long-term financial goals,” Rajesh Sehgal, the Managing Partner of Equanimity Investments, in a statement.
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