Startup of the Day: Elearnmarkets.com
Today, we want to talk about a startup that's making India financially independent. ReadOn.
Imagine living a life where all your decisions hinge on your bank balance. You are a caged bird who cannot be set free because you don't know how to open that cage.
That is how 73% of Indians live...
...in the darkness of financial illiteracy. They don't know how to make money decisions and have to often make compromises because of that.
To solve this problem, three Chartered Accountants created our startup of the day - elearnmarkets.com.
Elearnmarkets.com has been backed by stalwarts such as Ramesh Damani, Ajay Sharma and Dinesh Agarwal (owner of indiamart.com).
To get here, each of the founders had to make a sacrifice of his own:
Vivek left a plum family business,
Vineet shunned a secure and well-paying job, and
Vinay delved into the world of tech, having never written a line of code.
And, that's how the trio came together to build for a meaningful cause.
They realized that financial markets are highly underpenetrated in India. And, the root cause was the lack of structured education in the domain.
While we have specialization courses in the field of finance such as CA, CFA and CS, a dedicated in-depth study around financial markets was missing.
This led to two problems.
One, people lack even the basic knowledge of financial markets and often end up taking risky and dangerous decisions.
Two, if they want advice, they don't find many advisors because the pool of (genuine) traders and investors is very small as compared to the need.
And, elearnmarkets.com solves both the problems. They have structured an education journey for individuals who want to make a career in the financial markets as well as for those who want to get a basic gyaan.
And hey! It's not just bookish knowledge. They use real market data to teach and empower.
But, there is one more barrier to financial inclusivity...
Language.
In Tier-2 and Tier-3 cities, regional languages are more prevalent. But, this shouldn't prevent them from learning, right?
And so, elearnmarkets.com has added courses in 7+ vernacular languages. The courses are also certified by NSE, MCX and NCDEX.
When the pandemic hit, a record number of millennials opened Demat accounts. So, elearnmarkets started a program to educate the new investors to safeguard them. They onboarded some stock market experts to handhold participants and teach them how to trade/invest in real life.
This quick move has led to a hyper-growth phase:
the user base grew by 517%, to 7.9L
revenue grew by 120%
paid users increased by 128% (to 43,000 paid users).
Traffic per month (on a year on year basis) has grown by 1223%.
Too bad we are not taught financial skills at the school level. But, it's never too late to start. We have our whole lives in front of us. Learning how to make money work for us will only make the journey more secure.
Oh! The terrific trio of ELM also run another company. StockEdge. But that's a story for some other day... :) Until next time, ReadOn.
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