India’s economy is growing, but how ready are Indians to be a part of this growth story?
From 2012 to 2021, inflation in the country has averaged 6%, and preferred investments continue to be in fixed deposits (FD) or recurring deposits (RD), where the yield is lower than the average inflation.
In a conversation with YourStory, Dipankar Biswas, CEO and Founder of, says: “In general, people in India have this perception that capital markets and investments are complex and require a lot of advanced techniques. They have no idea where to start and who to follow. Therefore, they refrain from investing and place their money in FD or RD, where the return is insignificant.“
âThis is where we come in. We want to make finance fun. Everyone likes to grow their money. But people refrain from going the extra mile to make this happen. We want to make this process effortless and fun, âadds Dipankar.
Launched in 2020 by a former IIM-Kozhikode Dipankar Biswas, and technocrats Diptanil Das and Bharat Bhushan, the Gurugram based Entroq Technologies aims to revolutionize the way Indians perceive finance, business and investment in capital markets, giving them a boost through artificial intelligence (AI) and machine learning (ML). Its mission is to reinvent financial literacy for Indians, where financial awareness is driven by intelligent information discovery and engagement with peers.
Screenshot of the app – FlipItNews
Speaking about its creation, Dipankar says: âThe initial idea was simple. We wanted to have an instant notification engine in a clear 50 word summary format for all of our portfolio and watchlist stocks. We created an MVP by the name of FlipItNews and uploaded it to the Play Store in July 2020. We found over a thousand downloads in a few days without any promotions.
Realizing a good fit with the product market, the founders started chatting with newbie investors, understanding weak spots, and adding features like search and news chat.
Today, the app, which is available on both Play Store and App Store, works as a smart news discovery platform summarized in 50 words, one-click search of any stock, smart advice from top Indian brokers and real-time engagement feed. where users can chat and debate with other app users and learn on the go.
FlipItNews is redefining the consumption of capital market information using cutting-edge data science and artificial intelligence. It is not so much a research-based product as it is a discovery platform, and according to Dipankar, “there is an information overload in the capital market and investments on the Internet.”
He says binge reading capital markets tutorials isn’t for everyone, and this is where FlipItNews delivers maximum value in minimum time so retail investors can benefit.
In August 2021, the startup also launched its social community and engagement platform – Circle – in the application itself. Dipankar claims Circle is India’s premier community-based investment information network.
âThis is the age of a global financial revolution! We have seen the power of community and social media for DogeCoin and even in the case of GameStop. Social trading is the future, and we’re making it simpler and more engaging for modern, tech-savvy users with a hugely simplified user experience, âsays Dipankar.
YS Design Team
The startup not only builds a community, but also creates a smart platform where any fintech company can build their own community and interact with their target audience.
With a team size of around 20+, Dipankar is responsible for managing the entire product stack, growth and marketing. Diptanil, who is the CTO, is responsible for technology and Bharat, COO, is responsible for business management and strategy.
Dipankar previously worked at LocoNav, a global logistics technology company backed by Sequoia Capital as Vice President – Growth and Marketing.
Diptanil, who has a background in system architecture and product user flow, has published several articles on natural image encryption and cryptography. Bharat has worked with TestBook, PepperTap, Jaypee Group, etc.
Market size and traction
the global online trading platform The market is expected to grow from $ 8.59 billion in 2021 to $ 12.16 billion in 2028 at a CAGR of 5.1% during the forecast period.
Currently, with half a million downloads and over 150,000 users per month, the app serves as both a news discovery platform and a social investment space.
âWe are targeting both new investors and market experts. Our product is designed to add value to all investors, regardless of their stage of investment, âadds Bharat.
Speaking about his business model, Bharat says, âWe are following a 3C model. We started with content and are now building our community. Once our community hits a pull point, we’ll start to embed commerce into our ecosystem and start monetizing.
Yet to generate revenue, the startup is currently focusing on user engagement.
Funding and way forward
Started with a personal investment of around Rs 20 lakh, the startup raised Rs 3 crore from Kotak Securities in exchange for a 7.50 percent stake in the latter’s Startup Engagement and Investments initiative.
During this announcement, Jaideep Hansraj, Managing Director and CEO, Kotak Securities said, âSimplifying the stock market is becoming increasingly essential for retail investors and especially millennials and new investors. FlipItNews aims to carve a niche in the market by providing financial news, stock market analysis and social engagement organized in one app. We are excited about the company’s vision and look forward to this partnership.
In June of this year, the startup also raised Rs 18 crore in its fundraising round, in a mix of equities and Convertible Option Debentures (OCDS).
Going forward, the startup plans to launch its features in vernacular languages ââwith the mission of empowering investors in Level II and Level III cities.
In terms of competition, on a global scale, StockTwits and eToro are two companies that have been extremely successful in the area of ââsocial investing. Dipankar says the startup wants to profit from being a forerunner in the Indian market.