Crypto startup CoinSwitch parent launches stock investing app Lemonn; Here's what it will offer

PeepalCo, renowned for its crypto trading app CoinSwitch, recently announced the launch of Lemonn, a new stock investment platform. The launch positions PeepalCo as a contender against prominent brokers like Zerodha, Groww, and Upstox. 

The company said the new platform is designed to tackle prevalent issues in the stock market: decision-making and stock discovery.

The problems Lemonn aims to solve

Ashish Singhal, co-founder and group chief executive at PeepalCo, pointed out the need for innovation in the stock trading sector.

He said that the existing platforms are primarily urban-centric and fall short in aiding investors in making informed decisions and discovering new stocks. Lemonn aims to bridge this gap by offering features that cater to these unmet needs.

What are the offerings of Lemonn?

For its launch phase, Lemonn is drawing users in with an enticing offer: zero brokerage fees for the first three months. Additionally, it aims to enhance investor confidence by providing expert stock ratings and detailed research reports.

The platform is also designed to introduce investors to trending sectors, like electric vehicles and semiconductors, through curated investment ideas. Lemonn will be led by Devam Sardana as the business head, underlining its operation as an independent division with dedicated management and operations teams.

Expanding its offerings to other segments 

Looking ahead, Lemonn is not stopping at equities. The company also plans to expand its offerings to include stock advisory services, futures and options, mutual funds, and even IPO applications.

PeepalCo’s Singhal reassured that the company has the financial runway to support both CoinSwitch and Lemonn for over five years, without the need for immediate additional funding.

So far, CoinSwitch has raised over $300 million in funding from investors, including Paradigm, Tiger Global Management, Coinbase Ventures, Peak XV Partners, Ribbit Capital, and Kunal Shah, among others. 

A crucial aspect of Lemonn's launch is the assurance of user data privacy. Singhal emphasized that despite being under the same parent company, CoinSwitch and Lemonn would operate independently, without any exchange of customer data between the two platforms. Users interested in exploring Lemonn must go through a separate signup and KYC process, ensuring data privacy and security.