Finology commenced life as a YouTube channel with almost no traction and went on to become a budding fintech brand. This fintech startup Finology is the ultimate one-stop solution to all your financial dilemmas. It offers stock market & financial education services. Works as a Personal Finance Coach who helps us save more and earn more. Pranjal Kamra, an alumnus of the National Institute of Securities Markets (NISM), launched Finology, a Raipur, Chhattisgarh-based financial education and investment platform in June 2017. Soon after the foundation, his childhood friend Priya Jain joined the team as a Co-founder.
Pranjal Kamra got hooked onto the market with a singular vision to help Indian investors in every possible way, including primary and advanced financial education, access to Enterprise-grade research tools, and wealth management insights that are free of financial selling, thereby truly democratizing the market for everyone. The vision was to help society by disseminating financial awareness. It offers four different products and services to its customers – Finbox, Idea Bag, Masterplan, and Super Funds following a ‘No Commission, No Bias’ principle.
A solution, Catering to the Different Needs of an Investor
Getting to this point wasn’t easy. The first 60 videos did not perform to the founders’ expectations. The team also initially faced challenges finding an office space.
There are two types of courses that Finology offers- Financial and Legal. It also provides all legal services that are useful for startups and businesses. So, when a startup is coming up, it requires registration, incorporation, etc. When it starts and stays in the market for some time, it requires compliance, tax filing, etc. Finology Legal has helped in reduced paperwork by making processes digital, which brings down the cost for the client, saves time, and also absolutely safe & secure. Also, the prices are transparent. They offer a dedicated Customer Support team to assist you.
Edifying over 1.3 million Investors
Three years since the setup, the startup now has a team of 32 employees. For Finology, it was a challenge to recruit talent that could support the cause. The Tier II location magnified this. But with time, we were able to spot the right talent. It is enlightening over 1.3 million investors in India with in-depth market insights.
At Finology, Pranjal holds the baton for Strategic Initiatives, Capital Allocation, and is also the face of the brand on its YouTube channel. Its recently introduced free stock research tool, Ticker, works as an equity research assistant. The premium version, Ticker Plus, offers tailored features. This bootstrapped startup connects directly with clients or customers and charges for its products and services. Finology also conducted special ‘Lockdown Classes’ through YouTube.
“Funding will inevitably restrict us from standing apart from the crowd of financial services companies. With Funding, we will be forced to cater and to appeal to investors by chasing only short-term goals.”, says Pranjal Kamra
Generated Revenue worth Rs 2.2 crore
Gradually Finology got the required traction and is today a SEBI-registered investment advisor company. According to the media reports, in the last financial year, Finology initiated revenue worth Rs 2.2 crore, almost twice the revenue generated in FY19. “The nationwide coronavirus-led lockdown called for many online measures, and our active online presence generated great results as the company witnessed a 300 percent jump in revenue in the last two months,” says Pranjal Kamra.
His constant efforts have made Finology the first SEBI-registered firm based out of Chattisgarh. Currently, the platform has more than two lakh registered users, along with 20,000 premium or paying customers. The educational platform on YouTube has more than 15 lakh subscribers.