CoinSwitch parent launches stock investing app Lemonn for first-time investors

PeepalCo, the parent of cryptocurrency investment platform CoinSwitch, has forayed into stock broking with the launch Lemonn, its application to simplifies discovery and decision making for new investors.

Lemonn is the latest product by PeepalCo, the house of fintech products founded by Ashish Singhal, Vimal Sagar Tiwari and Govind Soni

Lemonn will be housed as a separate business division with its own management and operational teams, led by Devam Sardana as the business head, said Ashish Singhal, co-founder and group CEO of PeepalCo group.

“Millions of Indians find stock markets complicated even today. Despite the post-pandemic growth, only about 6 per cent of Indians invest in stock markets. We aim to bridge this gap, by making stock investing engaging, informative and effortless,” he said.

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The platform will offer zero trading brokerage for the first three months and no fees for account opening. It will introduce a flat broking fee structure, subsequently.

“We are evolving our offerings, and it would be around the product market fit. We are open to multiple models on subscriptions, on flat fees, on annual fees, and a lot of that will evolve once we solve the right problem for the users,” Sardana said.

Lemonn currently supports equity investments, and will to introduce mutual funds and investments in initial public offerings (IPOs) in the future. It also features analyst ratings for stocks and a glossary of financial and stock market terms for its target users.

The CoinSwitch platform will showcase the company new offering to its sexisting user base but users will require a separate app download and follow the know your customer (KYC) norms and guidelines as laid out by the sector regulator. The Lemonn app currently holds a stock broking licence.

CoinSwitch has raised more than $300 million till date to build a cryptocurrency trading exchange. It is backed by the likes of a16z, Ribbit Capital and Tiger Global Management.

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