Know When To Pivot: Ajay Lakhotia
Your company began just when the pandemic hit. What was the experience at the time?
Just as we were getting started, we found ourselves in dire need of initial funding. We realised we had to bootstrap the startup and assemble a small but mighty team to launch the business within six months. It was also a challenge at the time to create a product that would resonate with our target audience and provide a unique value proposition.
Challenges for the startup ecosystem resurfaced in the last year as well. What were some steps you took to ensure you kept growing?
One key aspect has been to maintain a healthy cash flow by being conservative with our expenses and focusing more on generating revenue. We realise the importance of retaining existing users by improving our products, providing excellent customer support and offering incentives to keep them engaged.
Our brand campaigns have been super sharp in their messaging and reaching the target audience through social media. We have doubled down on our offline initiatives and on-ground engagement.
How would you define your leadership mantra?
Our mantra has been to be bold, innovative, and inclusive. We are not afraid to take risks and try new things, but we also know when to pivot or cut our losses if something isn’t working. Our leadership team has always been laser-focused on our mission and values. We are here to empower people to take control of their financial futures and democratise access to the stock market.
StockGro has raised USD 40 million. What are your next plans on this?
We plan to raise an additional $50 million by the end of 2023, which will help us scale our operations, invest in new technologies, and innovate in the virtual stock trading app market.
Also, what are your overall plans for the year ahead and some of the areas where we will see you focus more?
We plan to launch new features enabling our users to invest in a wider range of financial products, including mutual funds, gold, futures and options, and bonds. Another area of focus for us is international expansion. Overall, our growth strategy is focused on delivering value to our users through innovation and investment in technology.
