Existing investors and others, including 9UnicornsIced, Crescent and Riverwalk also participated in the round.
The company has raised $17.4 million so far.
MarketWolf plans to use the capital to build out its product suite and to hire top talent in product, marketing and engineering functions.
The company is also planning to hire talent in tech and product development.
Founded in 2017 by Vishesh Dhingra and Thomas Joseph, marketwolf Targets first time investors to make the trading experience easy and jargon free.
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“Despite volatility in the public capital markets, this year saw a 10-fold increase in the number of trading accounts and retail active clients compared to the same period last year,” it said in a statement.
The startup said it has 1.5 million app users. It has a built-in risk management system and low-ticket size investment options.
“Today, we are at the crossroads of two of the most popular and hyper-growth verticals in the new world – stock trading and mobile gaming – that both share elements of high engagement, excitement and experiential learning,” Dhingra said.
He said the company would invest more money in marketing.
“Retail share market share in India remains extremely low at ~3-5% and we believe MarketWolf has the right product, along with the right team and expertise to break into this market,” said Arpit Berry, Principal Said at Jungle Ventures.
The company plans to launch more products optimized for new-age retail investors and mobile gamers, while mitigating the inherent risks associated with public capital markets, it said.