India-based Stockal said to close $1m investment ahead of its pre-Series A

India-based Stockal, a retail investment platform, has reportedly raised $1m from ScaleX Partners.

Stockal is currently in the process of raising its pre-Series A round, which is targeting between $2m and $3m, according to a report from Tech Circle. This round is being led by ScaleX Partners and Aroa Ventures.

With the funds from ScaleX, Stockal plans to bolster its technology and release mobile apps, it said.

The company provides retail investors in India, the Middle East and Southeast Asia with access to a range of international investing opportunities. Users can invest into 3,500 companies as well as pick between several ready-made portfolios.

Alongside the investment, ScaleX is currently looking to make investments into other startup companies and is looking at ten opportunities, the report said.

Earlier in the year, fellow India-based FinTech company Kinara Capital closed a $10m investment to support its goal of extending financial inclusion. It helps bring financial inclusion to companies by offering collateral-free busines loans.

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