Crypto investment platform CoinSwitch’s parent PeepalCo launched a new stock broking app, Lemonn, on April 2, as the startup looks to offer multiple investment products.
With this, the Bengaluru-based startup will be in competition with some of the top Indian stock broking apps including Zerodha, Groww and Upstox.
Earlier, in an interview with Moneycontrol, Ashish Singhal, Co-Founder and Group CEO, PeepalCo group said that the startup will eventually foray into at least seven new products like fixed deposits, bonds, exchange-traded funds (ETFs), stocks, and mutual funds.
Lemonn’s features include zero-trading brokerage for 3 months, and zero fees for account opening, curated industry-based stock offering and it will also have a detailed glossary explaining all financial and market-related terms.
For this entity, Devam Sardana will lead the team and has assumed the role of Business Head.
“Our mission is to Make Money Equal For All, to empower India with the right products to build wealth. Lemonn will help users diversify their portfolio, and participate in India's Growth Story,” Singhal said in a statement.
“Millions of Indians find stock markets complicated even today. Despite the post-pandemic growth, only about 6% of Indians invest in stock markets. We aim to bridge this gap, by making stock investing engaging, informative, and effortless,” he added.
Since PeepalCo also operates a crypto exchange platform which is still in the midst of regulatory uncertainty, the startup clarified that Lemonn’s broking services are provided through Nu Investors Technologies Pvt Ltd (SEBI Registration no.: INZ000304837).
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