Why did we invest in iTribe?
iTribe is an innovative platform that aims to create a flourishing community of young retail investors. Through their unique gamification-driven approach, they are able to offer a compelling solution to anyone who wants to learn the art of investing while staying within the purview of regulations.
They raised a pre-seed round of $1 million which also featured participation from Kunal Shah, Incisive Ventures, and several notable angel investors.
Whilst we were already apprised of the lucrative market that they are building for, the following reasons inspired confidence in the solution offered by iTribe.
1) The Dawn of Young Retail Investors
India is quickly becoming a retail investor hub.
While the Indian securities market was dominated by institutional investors for several years, retail investors have been growing in influence over the past few years.
A huge proportion of the aforementioned growth is being fueled by rising financial literacy in tier 2+ cities, growing propagation of SIP schemes, and a very young population.
The above infographic depicts the steady growth in the number of Demat accounts. As a result of this consistent upsurge, retail investors now account for 52% of daily transactions in the market.
High retail investor participation is a very positive indicator of any economy’s growth.
It denotes a populace desirous of playing a part in capital formation within the country.
Moreover, despite such a notable increase, the equity markets are still underpenetrated. Over 70% of assets are invested in real estate, or as fixed deposits. This paradigm is expected to change significantly in the future, as public participation in equity investments is slated to increase exponentially.
However, while the retail participation numbers are already great, there is still a significant hurdle to be addressed — lack of access to trustworthy information amongst investors.
Indian neobank — Dinero conducted a study which revealed that 64% of young Indians are hesitant when it comes to investing due to an ‘overload of information’. They are unsure of what to trust when it comes to investing.
Moreover, 51% of these folks even set aside a specific amount from their savings, but stray from actually investing due to this issue.
Since we have a young population, it is imperative to devise solutions that impart important investing lessons in an accessible manners, and create platforms that not just offer a repository of trustworthy information, but also allow people to learn from each other. This comprehensive infrastructure is what was missing until iTribe was formed.
2) A Generation Driven by Communities
Gen Z is a very unique generation. They are not only immensely aspirational, as denoted by the rising quotient of retail investors, but they are also motivated by communities of like-minded folks, and are a thoroughly do-it-yourself generation. These are the most defining characteristics of this generation.
As a testament to this love for communities, about 65% of people from Gen Z feel considerably more confident whenever they use community-focused apps like Discord or Twitch, over feed apps like Instagram and Twitter.
It is important to note that India is home to about 500 million people who belong to Gen Z. Therefore, to build a platform that is capable of fascinating the very peculiar Gen Z audience, it is extremely important to ensure that it allows them to feel a part of a collective that is much larger than them, and represents their personalities.
This approach lies at the very heart of iTribe. As shared below, the team has taken considerable pains to ensure that Gen Z feels at ease with the structure of the platform, and are treated to an enlightening experience like no other.
3) A Driven and Dynamic Team
The problem statement of building a trustworthy platform for the young retail investors of today is both vast, and exciting. Any possible solution needs to be ground-breaking, and also driven by a seasoned team that inspires confidence.
The decades-long experience offered by the team behind iTribe is their biggest differentiating factor.
Nikhil, an IIT KGP alumnus, has previously led products at numerous eminent companies like Rapido, Freecharge, and Times Internet. Through the course of his professional career, he has been particularly renowned for his abilities as a quick executioner, and his visionary approach to problem-solving.
He also operated an automated app development platform called PickQuick. Its seamless drag-and-drop design allowed him to generate a revenue of Rs 30 lakh in a minute span of 12 months.
Therefore, when it comes to building exceptional products that fascinate the audience, Nikhil is truly in a class of his own.
Pruthvi, also an IIT KGP alumnus, is a software maestro. He has worked as a Software Engineer at Disney and Walmart, and also worked as a Technology Leader at BlackBuck.
Pruthvi was the co-founder and CTO at PickQuick. His technical skills proved to be invaluable in the platform’s success.
Both Nikhil and Pruthvi are excellent founders. They are simultaneously inquisitive and masterful.
To validate their solution, they interviewed over 1,000 investors and 50+ influencers. This grit to constantly refine their ideas was evident during all our interactions, and established them as one of the finest founding teams within the country.
4) Customer-driven Approach
Imparting financial education is an extremely difficult task. The concepts are often incredibly hard which makes developing an effective pedagogy hard.
iTribe resolves this issue in a very innovative manner. It serves to unite investors and experts in a common platform to create a great community. This allows new investors to learn from the very best, while being surrounded by peers who share their objectives. This community-led approach inspires young investors to flourish.
iTribe also addresses the ‘lack of adequate reliable information’ issue pretty comprehensively.
The app houses insights and information streams from a wide variety of sources, which is sure to enlighten the users, and build confidence in the most hesitant of investors. It also provides access to a multitude of cutting-edge tools that can be used to analyse different securities and opportunities.
Therefore, the peerless community-driven model that serves as the hallmark for iTribe makes them the most accessible platform for newcomers to broaden their understanding of the market. This in conjunction with illuminating insights from several market leaders, and an interface powered by the concepts of gamification creates a very welcoming environment for everybody.
To captivate their community, they have introduced several games within the app like Stock Trivia and Stock Wars, which allow people to learn new concepts, and practice them
Gamification lies at the very heart of their approach. Unlike most of their peers, they put the onus of learning on the users themselves, and encourage them on their path using a plethora of guided courses and gamified tests that constantly engage them, and motivate them in their journey.
Conclusion
India is at the cusp of a retail investors’ revolution. Propelled by numerous factors like the expanding access to financial literacy, the easy availability of attractive SIP opportunities, and most importantly, an extremely young population, the number of retail investors have been on a steep rise. However, while a lot of folks in the younger generations are fascinated by the idea of investing, they are dissuaded by a sheer lack of trustworthy information to the art. iTribe seeks to address this problem for the benefit of all aspiring investors.
iTribe was able to hone in on a peculiar characteristic of Gen Z, their love for communities. About 65% of them prefer community-driven platforms over any alternatives. iTribe used this valuable insight to create an experience that makes any member of the Gen Z feel at home, and motivated to learn as much as possible.
Creating a platform that welcomes aspiring retail investors, and gives them access to all necessary tools is not an easy endeavour. One needs an excellent team if they are to redefine this landscape, and that is precisely the hallmark of iTribe. Powered by two passionate founders with decades-long experience, iTribe was born after Nikhil and Pruthvi interviewed over 1,000 people in their quest for creating a comprehensive solution for this market. This desire for constant betterment is still at the centre of their leadership.
This experience was driven by a profoundly customer-driven approach. To ensure that their users have access to the best information, iTribe also ensures that their users are abreast with all the latest news on the markets. To make this all seem as accessible as possible to beginners, iTribe has worked intensely on creating a comprehensive gamified model based on fun games and quizzes that make learning an immensely rewarding experience for all aspiring investors.
