Angel One (NSE: ANGELONE), a fintech broking platform, takes a decisive step towards Gen Z engagement through team acquisition of the Bengaluru-based fintech start-up, Dstreet Finance. This is the company’s first-ever acquisition of a tech start-up team. By investing in products, technology and talent through inorganic acquisitions and partnerships, Angel One aims to strengthen its position in the market and enhance its product offerings for the younger generation.
The team at Dstreet Finance has joined Angel One to spearhead content, user engagement and learning-related initiatives. The assets, customer base, brand or shares have not been acquired.
This new development paves the way for Angel One to expand its suite of consumer financial services. Boasting a net profit of Rs 8.9 Billion for FY’23., Angel One stands as a prominant player in the financial services industry as it serves 17+ million clients today.
This move comes on the heels of Angel One's recent in-principle approval from the Securities and Exchange Board of India (Sebi) to sponsor a mutual fund - a significant development for Angel One and its clients alike.
Building on recent success as evident in the increased market share in mutual funds SIPs, Angel One will be expanding its customer solutions into Asset Management (AMC), Wealth Management, Insurance, and Lending products. With an emphasis on consumer credit products, it aims to provide a complete financial solution for clients, reinforcing its goal to be the go-to financial platform for all, said the company in a release.
Dinesh Thakkar, chairman and managing director of Angel One Limited, expressed his thoughts on the development, stating, "The integration of the Dstreet team is a strategic move towards enhancing our offerings for the next-generation clients and aligns with our vision of evolving into a comprehensive fintech company."
Founded by Suresh Bavisetti and Paarth Dhar, Dstreet Finance, headquartered in Bengaluru, specialised in content and engaging learning experiences tailored for emerging stock market investors. Since its establishment in April 2021, the platform onboarded and served over one million users. Dstreet Finance had previously garnered investments from notable backers including ICICI Securities, Expert Dojo, Archana Priyadarshini, and Mumbai Angels.