CoinSwitch parent launches stock trading app to rival Zerodha, Groww
PeepalCo, the parent company of crypto trading app CoinSwitch, has officially entered the stock broking sector with its latest app, Lemonn. This strategic move places PeepalCo in direct competition with industry giants such as Zerodha, Groww, and Upstox. Ashish Singhal, co-founder and group chief executive at PeepalCo, stated that "Lemonn aims to address two key issues in the current market: decision-making and stock discovery."
Lemonn targets non-urban investors, waives brokerage fees
Singhal highlighted that most existing stock investing platforms primarily cater to urban customers, stating that "stock investing is largely broken today and mainly focused in urban centers." To shift this focus, PeepalCo's Lemonn will waive brokerage fees for trades during its first three months. The app also aims to provide expert ratings for stocks backed by research reports.
Lemonn to function as independent business division
Lemonn will operate as an independent business division within PeepalCo, complete with its own management and operations teams. The teams will be led by Devam Sardana, who is now the business head for Lemonn. Singhal outlined the business strategy for Lemonn, saying, "The first target is to reach a product market fit with Lemonn. We'll be focusing on scaling after that."
Lemonn's future plans include stock advisory services
Sardana revealed future plans for the app, which include offering stock advisory services. While currently focusing only on equities, Lemonn plans to expand its offerings to include futures and options, mutual funds, and IPO applications. Singhal said that PeepalCo has ample resources to operate and expand both CoinSwitch and Lemonn for over five years without needing additional fundraising.
PeepalCo ensures separate user data for CoinSwitch and Lemonn
Singhal emphasized that customer data will not be shared between the two platforms, CoinSwitch and Lemonn. He stated, "We'll be showing our new product on CoinSwitch, but users will have to sign up and get their KYCs done separately." This move ensures that user data privacy is maintained across both platforms while promoting the new product.
