Angel One gains on partnering Vakrangee for expansion

Angel One rose 1.29% to Rs 1193.45 after the company said it has partnered with Vakrangee Digital Ventures to expand presence across Tier 2, 3 and beyond markets.

Angel One (previously known as Angel Broking) has partnered with Vakrangee Digital Ventures (100% subsidiary of Vakrangee) to offer opening of demat account for Vakrangee's customers through their BharatEasy Super app and Nextgen Kendras.

Through this partnership, Angel One will offer its bouquet of products and services to customers across the country, primarily focusing on Tier 2, 3 and beyond cities.

Angel One will get access to Vakrangee's expansive customer base, thus facilitating deeper penetration into untapped markets. The company's educational platform like Smart Money, digitally powered KYC process, client onboarding, and technologically advanced products will provide a superior client experience.

On a consolidated basis, Angel One posted 80.2% jump in net profit to Rs 134.2 crore on 69.3% increase in total income to Rs 538.16 crore in Q2 FY22 over Q2 FY21.

Angel One is the largest listed retail stock broking house in India, in terms of active clients on NSE.

Shares of Vakrangee were up 0.7% at Rs 35.90. Vakrangee is the unique technology driven company focused on building India's largest network of last-mile retail outlets to deliver real-time banking & Financial Services, ATM, insurance, e-governance, e-commerce and logistics services to the unserved rural, semi-urban and urban markets. The Assisted Digital Convenience stores are called as Vakrangee Kendra which acts as the One-stop shop for availing various services and products.

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