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HomeTrendsWow! Swiggy's Outgoing CTO Vaz Raises Whopping $7-10 Million For Another Exciting Startup

Wow! Swiggy’s Outgoing CTO Vaz Raises Whopping $7-10 Million For Another Exciting Startup

Swiggy‘s former chief technology officer (CTO), Dale Vaz has successfully secured a substantial investment of $7-10 million from Accel and Elevation Capital for his groundbreaking wealth-tech startup.

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With his extensive expertise in the technology and food delivery industry from Swiggy, Dale Vaz, former CTO of Swiggy has embarked on a new entrepreneurial journey to revolutionize the way people manage their finances. This significant funding will provide a strong foundation for his startup.

At this juncture, the foray into the wealth tech industry coincides with a noteworthy surge in the retail investor segment. As indicated by a report from CLSA in March of the present year, the count of dematerialized accounts, offering individuals the ability to electronically monitor all their assets, has skyrocketed from 22 million during FY14 to an estimated 113 million in FY23, a five-fold increase.

The prevailing pattern has undoubtedly spurred investors to back Vaz’s undertaking, notwithstanding a climate of heightened investment prudence.

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Vaz, former CTO of Swiggy, tendered his resignation in April and is scheduled to conclude his current position at the renowned food tech company later this month. Simultaneously, he has been diligently working on his wealth-tech startup, operating in complete stealth mode, and has yet to finalize a suitable name for the venture.

Wealth-tech startups play a pivotal role as innovative platforms that empower individuals to explore diverse investment opportunities across multiple asset classes. These cutting-edge companies offer users the convenience of investing in a wide range of options, such as mutual funds and various other investment vehicles.

Moreover, they facilitate seamless stock trading and enable users to engage with commodities and other financial instruments, amplifying the potential for wealth creation. By leveraging technology and advanced algorithms, these startups are revolutionizing the way people access and manage their investments, fostering financial inclusion and empowerment.

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Vaz,The former CTO of Swiggy, an accomplished professional with an extensive background spanning over two decades, embarked on his journey with Swiggy in July 2018.

Demonstrating exceptional aptitude and dedication, he rapidly ascended through Swiggy, eventually attaining the esteemed position of Chief Technology Officer (CTO) in February 2020. Prior to his tenure at Swiggy, Vaz enriched his expertise during a remarkable decade-long stint at Amazon.

Notably, his contributions at Amazon were highly regarded, further augmenting his prowess in the technology domain. Before his association with Amazon, Vaz honed his skills at Infosys, a prominent multinational corporation, where he served diligently for six years in the United States, as indicated by his LinkedIn profile.

Over the past few weeks, Vaz has been actively disseminating valuable knowledge regarding diverse asset classes and his own investment methodologies, with the objective of enlightening individuals.

In a recent tweet on May 20, The former CTO of Swiggy emphasized the significance of making our hard-earned money strive to generate substantial returns. Vaz’s commitment to financial education underscores the importance of empowering individuals to optimize their financial resources.

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The Covid years brought about a significant surge in interest towards investing and trading, primarily due to the enforced restrictions imposed by the pandemic that confined people to their homes.

This unprecedented situation compelled individuals to explore new avenues for financial growth, leading them to recognize the potential opportunities within the investment and trading realm. The heightened curiosity and engagement in these areas can be attributed to the circumstances that compelled individuals to seek alternative means to secure their financial futures amidst the global crisis.

According to a report, the number of retail investors has experienced a continuous growth trajectory over the years, which saw a significant surge during the Covid-19 pandemic. This increase can be attributed to a combination of heightened awareness and the convenience of conducting transactions facilitated by discount brokers.

Discount brokers have played a pivotal role in enabling the engagement of retail investors, thus contributing significantly to the expansion of retail investor participation in India. Notably, these brokers have been particularly instrumental in attracting a larger number of customers from Tier-2 and lower locations, leading to a surge in their customer acquisitions, as per recent findings.

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According to data analysis, it has been observed that the total number of demat accounts has increased fivefold, while the count of distinct active customers has experienced a comparatively slower growth rate of approximately nine times.

Specifically, the number of active investors, defined as individuals who have conducted at least one trade within the previous twelve months, has risen from 4 million in FY14 to approximately 34 million at present.

According to a distinct report conducted by Motilal Oswal, it was revealed that the number of active users on the National Stock Exchange (NSE) experienced a continual decline for the consecutive tenth month in April of the present year.

The active user count reached approximately 31.2 million, marking a substantial decrease from the figure of 38 million recorded in July of 2022. This downward trend in active user participation reflects a waning enthusiasm among retail investors during the aforementioned period.

Proofread & Published By Naveenika Chauhan

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