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Launch HN: Piggy (YC S17) – Investment App for India

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Re: Launch HN: Piggy (YC S17) – Investment App for India

#21

Post by t0mkaka »

nikhilmantha wrote: post #10
nikant wrote: post #8

How is this different than the already available solutions in the market like Scripbox?

Hey Nikant! When you invest Rs.10000 with Scripbox, they take 0.5-1.5% commission on that investment every year as long as 10000 remains invested and to whatever that amount grows to. So you are paying compounding commissions. Most Indians aren't aware of this. We don't take these hidden commissions. We charge a one time fee. Also Scripbox offers a limited set of funds while we offer products from all fund houses. So…

I thought that the scripbox gets the commision from the Mutual fund company and not from the customer's investment. So how is that the customer's loss. https://scripbox.com/help/if-i-am-not-charged-any-fees-how-d...

Re: Launch HN: Piggy (YC S17) – Investment App for India

#23

Post by random42 »

nikhilmantha wrote: post #10
nikant wrote: post #8

How is this different than the already available solutions in the market like Scripbox?

Hey Nikant! When you invest Rs.10000 with Scripbox, they take 0.5-1.5% commission on that investment every year as long as 10000 remains invested and to whatever that amount grows to. So you are paying compounding commissions. Most Indians aren't aware of this. We don't take these hidden commissions. We charge a one time fee. Also Scripbox offers a limited set of funds while we offer products from all fund houses. So…

> they take 0.5-1.5% commission on that investment every year as long as 10000 remains invested and to whatever that amount grows to. So you are paying compounding commissions. Most Indians aren't aware of this.

This is a massive claim. Any source?

Re: Launch HN: Piggy (YC S17) – Investment App for India

#24

Post by nikhilmantha »

t0mkaka wrote: post #21
nikhilmantha wrote: post #10

Earlier quoted context omitted.

Hey Nikant! When you invest Rs.10000 with Scripbox, they take 0.5-1.5% commission on that investment every year as long as 10000 remains invested and to whatever that amount grows to. So you are paying compounding commissions. Most Indians aren't aware of this. We don't take these hidden commissions. We charge a one time fee. Also Scripbox offers a limited set of funds while we offer products from all fund houses. So…

I thought that the scripbox gets the commision from the Mutual fund company and not from the customer's investment. So how is that the customer's loss. https://scripbox.com/help/if-i-am-not-charged-any-fees-how-d...

True. But commissions are counted in the expenses towards the fund. So basically the NAV of the fund is nothing but the income of the fund minus the expenses. So more the expenses, less the NAV, less the return to the investor. In the end investor/user is paying for those commissions.

Re: Launch HN: Piggy (YC S17) – Investment App for India

#26

Post by amruta2799 »

Sounds interesting! I have been researching the investment apps here in the US, and was waiting for a similar solution back home in India. I think it's about time Indian investors get the technology-backed investing experience. Well done guys!

My two cents: AFAIK, Indians still believe in traditional investment methods like bank deposits and gold. Along with providing the facility to diversify their investments, you will also need to educate your users about investing basics (which I see you already do in your FAQs), why they should diversify, is it safe to invest in mutual funds, and how the traditional mutual funds system operates (demat accounts, fees, etc). In short, why they should diversify and why should they choose you. Because people are normally driven away by the confusing and overwhelming fine print materials, you have an opportunity to not only provide an easier investing method, but also an easier self-educating method for your users. Make the most of it :)

Re: Launch HN: Piggy (YC S17) – Investment App for India

#27

Post by nikhilmantha »

jameshk wrote: post #25

Congrats on the launch -- What is the biggest legal or regulatory problem you've experienced so far or will with future growth?

Thanks a lot jameshk! Currently there aren't any major roadblocks from a regulatory point of view. Infact the Indian market regulator is bringing forth many forward looking regulations and introducing the concept of fiduciary responsibility in India.

Re: Launch HN: Piggy (YC S17) – Investment App for India

#28

Post by nikhilmantha »

random42 wrote: post #23
nikhilmantha wrote: post #10

Earlier quoted context omitted.

Hey Nikant! When you invest Rs.10000 with Scripbox, they take 0.5-1.5% commission on that investment every year as long as 10000 remains invested and to whatever that amount grows to. So you are paying compounding commissions. Most Indians aren't aware of this. We don't take these hidden commissions. We charge a one time fee. Also Scripbox offers a limited set of funds while we offer products from all fund houses. So…

> they take 0.5-1.5% commission on that investment every year as long as 10000 remains invested and to whatever that amount grows to. So you are paying compounding commissions. Most Indians aren't aware of this. This is a massive claim. Any source?

https://scripbox.com/pages/disclosures

http://economictimes.indiatimes.com/mf/analysis/direct-plans...

Re: Launch HN: Piggy (YC S17) – Investment App for India

#29

Post by nikhilmantha »

amruta2799 wrote: post #26

Sounds interesting! I have been researching the investment apps here in the US, and was waiting for a similar solution back home in India. I think it's about time Indian investors get the technology-backed investing experience. Well done guys! My two cents: AFAIK, Indians still believe in traditional investment methods like bank deposits and gold. Along with providing the facility to diversify their investments, you…

Thanks a lot Amruta! You are absolutely right. MF industry has reached $300B assets with just under 1% population investing while over $800B sit in bank assets. The penetration is super low. We are definitely looking to educate our users in creative ways. First we focussed on building a simple app to sign up and use and create a seamless platform for transactions. Now we have big plans to build over this platform. Thanks again for your encouragement! :)
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