Mobile trading tech firm to raise $10 mn to expand ops

Market Simplified Inc, a mobile trading technology service firm based in Delaware (US) and owned by Chennai-based INXS Technologies, is planning product and sales expansion by raising funds through private equity and strategic investors.

The company is planning to raise around $10 million (Rs 45 crore) in next few months from strategic investors or private equity firms, to launch a mobile solutions platform for financial advisors and other market expansion projects.

The product for financial advisors would offer ready information from the market and tools for the professionals helping them to issue advices quickly. The company expects to launch the product by end of fiscal year 2011-12.

 

The basic tool for the new product would be based on our neutral platform where any set of given numbers could be crunched to provide the expected data. “We are providing the mobile application solution for stock brokers in tie up with various exchanges including the National Stock Exchange (NSE),” said Venkat Rangan, co-founder and CEO, Market Simplified.

Its existing mobile technology is designed to provide trading services including live streaming of quotes, customised watchlist, placing trade, viewing intraday charts, checking available margins and tracking the portfolio performance, to stock brokers and their customers through smart phones. The company on Monday announced tie up with Kotak Securities to offer mobile stock tracker solutions.

The company is planning to explore the Tier-2 and -3 markets for its mobile trading solutions. “These cities are seeing a growth in the number of new investors and the company will expand its market in these regions to serve the brokers and investors through mobile applications,” said Rangan.

It would also set up a sales office in the United Kingdom and expand its operations in the United States. With presence in US and Singapore at present, the company is exploring options to expand operations in Latin America and Asia Pacific regions. However, he refused to divulge its marketing targets, saying the plans are in the pipeline.

Last year, the company tied up with telecom firm Etisalat in United Arab Emirates (UAE) to provide mobile trading services through the firm for online brokerages in this region. It estimates that the top 10 stock brokerages serve almost 80 to 90 per cent of the stock market and targets to tie up with atleast five out of them, in near future.