Raise Financial Services, a startup founded by Serial entrepreneur Pravin Jadhav, has acquired Mumbai-based stock broker Moneylicious Securities.

Post the acquisition, Moneylicious Securities will now operate as a fully-owned subsidiary of Raise. Also, Raise Financial Services will absorb Moneylicious’s 15 member team while appointing its founder and chief executive Jayprakash Gupta as a co-founder as part of the deal.

Additionally, with this acquisition, Raise is expected to launch a new investment app for regular everyday stock traders and long term investors.

[Read: Factors Driving The Growth Of Fintech Industry In India]

Speaking on the development, Pravin Jadhav, Founder and chief executive of Raise, said,

“More than 90% of the everyday trading activity is performed by traditional stock brokers, and there isn’t any technology solution focused on improving their experience. Through the Moneylicious acquisition, we will be launching a new app to focus on this target segment and help them get a better real-time sense of their trading activity performed on an everyday basis.”

Raise’s first product targeted towards stockbrokers will be launched in the next 8-12 weeks, Jadhav added. The startup also has plans to introduce multiple products across insurance, investments, financing, payments, and wealth management in coming fiscals.

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