'What our schools fail to teach us: How to invest'
How to build a Social Media Rocket-Ship to simplify adoption in Fintech Sector' said, StockGro looks to provide a platform where users can learn and practice investing in a safe, virtual environment, and build portfolios with virtual cash and compete against each other. This takes the fear of investment away and gives people a sense of community and accomplishment.
Further, by incorporating elements of social media onto their virtual investment platform, StockGro has allowed users to follow experienced investors and participate in discussions. Lakhotia explained that they have leveraged the core mechanics of successful social media platforms, such as giving users bragging rights, a sense of community, gratification, discoverability, and gamification.
Incorporating these elements creates a loop, which keeps potential investors engaged, he says. Building a successful portfolio has also allowed their users to brag about their achievements and connect with others who share their interests.
The startup, which came up during the Covid-19 pandemic in 2020, and has grown to about 35 million users, with three million daily active users. Lakhotia credited this success to the platform's ability to seamlessly integrate social interaction into the learning process of finance.
"We launched with IIM Bangalore and today we have 900 plus business schools and colleges who are using us as a part of their curriculums to teach students how to trade and invest. That's what we have accomplished just by simplifying how social (interaction) can be integrated into finance," he said.Milestone Alert!
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