The diversification marks Trackk’s shift from operating as a sub-broker on Angel One’s backend to building its own broking layer, cofounder and chief executive Vedant Gupte told ET. For the first three years, Trackk was with Angel One and had created around 30,000 demat accounts through that arrangement, he said. It has now built its own risk and order management system, back office, and trading infrastructure.
“Earlier, we did not have control over product, technology, and design. That was the reason for the shift,” Gupte said. “Monetisation was honestly the last aspect. The idea is to build a larger financial company for this Gen Z user base.”
Founded in 2021 by Gupte, Siddharth Thakkar, and Aryan Jain, Trackk began as a stock discovery and social investing platform for first-time investors. It is now looking to convert this user base into transacting customers, starting with stocks and F&O, and eventually adding other financial products. Gupte said mutual funds are likely to be the next product.
Trackk said nearly 90% of its users are Gen Z, with an average user age of 20-24 years. It is targeting 500,000 accounts over the next 12 months. Around 85-90% of users opening demat accounts on Trackk are first-time demat users, Gupte said. The company estimates its addressable market at around 50 million users across tier I and tier II cities.
The move comes as venture investors continue to back wealthtech and broking startups despite a moderation in active trading clients and tighter scrutiny around derivatives. ET had reported in May that Trackk was in talks to raise around $8 million in a round led by Z47. It later announced a $3.7 million seed round led by Lightspeed Ventures, with participation from Info Edge Ventures and angel investors including Gaurav Munjal, Roman Saini, Tanmay Bhatt, Varun Mayya, and Gaurav Kapoor.
Trackk is trying to position itself away from both large broking apps and trading-heavy platforms. Gupte said established brokers were built for an older set of users, while newer platforms such as Dhan and Sahi are more focussed on active traders. “The problem today is not account opening or how do I buy. It is more about what I buy, what I look at, how I start my investment journey,” he said.
The broader wealthtech market has seen large incumbents such as Groww, Zerodha, and Angel One dominate active broking, while newer firms such as Dhan and Sahi have drawn investor interest.
The F&O launch comes at a sensitive time for the industry. Sebi’s study showed 93% of individual traders incurred losses in equity F&O between FY22 and FY24, and the regulator has since tightened norms around derivatives trading. Gupte said Trackk’s revenue is not expected to be as dependent on F&O as some other platforms, and that the app has built “friction” into the flow through preset target and stop-loss features.
For Trackk, the challenge will be to scale in a market where trust, compliance, and depth of product matter as much as distribution.