After F&O trading platform, CoinSwitch's founders launch zero-commission Mutual Funds with Lemonn

Lemonn, a platform launched by PeepalCo, has introduced a zero-commission Mutual Funds investment service. This comes a fortnight after the platform launched Futures and Options trading with zero brokerage for 1 year and a lifetime free account.

PeepalCo is founded by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari — founders of Crypto platform CoinSwitch. The company launched the Lemonn platform in April to simplify the investment process for investors. With this, the Bengaluru-based company has entered into direct competition with some of the top Indian stock broking apps including Zerodha, Groww and Upstox.

With the zero-commission Mutual Funds, Lemonn aims to help new investors diversify their portfolios with ease. Users can now invest in mutual funds directly through the app, starting with as little as INR 100, and track investments made on third-party apps using the Portfolio Import feature. Lemonn offers schemes from over 40 fund houses, including major AMCs like HDFC, SBI, and Axis.

Devam Sardana, Business Head at Lemonn, commented on the launch, “Our goal is to empower first-time investors to gain a deeper understanding of the investment landscape. Thus, Introducing mutual funds on Lemonn is a natural step forward for us. The rapid growth of India's mutual funds industry, outpacing countries like the US, Japan, and China, underscores a clear and growing demand. This demand can be further enhanced by offering simple, transparent, and affordable products.”

This launch follows the recent introduction of Futures and Options (F&O) trading on the platform, which also features zero trading brokerage for equity investors. The company claims that the user-centric design and intuitive app interface streamline the trading experience, enabling traders to execute F&O trades with live trading charts in just four clicks.

During its launch, Devam Sardana highlighted the surge in the Indian stock market and the opportunities it presents, expressing excitement about empowering users to capitalize on these prospects. Lemonn offers a lifetime free account with no opening or annual maintenance charges, and the zero-trading brokerage will be available for one year for all users. Additionally, the company is preparing to announce another new product within the next two months.

The PeepalCo Group is backed by blue-chip investors including Andreessen Horowitz (a16z), Tiger Global, Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, Paradigm, and Coinbase Ventures.

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