Why these student entrepreneurs decided to train young people and traders in stock trading
Like all college students, Akash Jayan and Ritvik Vipin were looking for ways to increase their pocket money when they were studying at the Vellore Institute of Technology (VIT) in 2015. It was then that they came across stock trading as a way to make money.
The duo stumbled across many YouTube strategies, but found that none of them worked. And without the proper mentorship, they didn’t have the right knowledge of the market.
“We have learned this through trials and experiences. We started by investing Rs 3,000, but it came down to Rs 700. By the time we were in the fourth year of 2017-18, we are making Rs 1,000 per day. At that time, many of our friends also approached us and we started teaching them. We thought about creating a website to teach stock trading and started talking about it on Facebook groups. At first two people approached us to learn about stock trading and paid us 2,000 rupees. It was our eureka moment, ”Akash said Your story.
Founders of Havenspire – Akash and Ritvik
This led the duo to launch Havenspire in 2019 in Bengaluru.. “At Havenspire, we train lay people to become expert stock traders within nine weeks. One of the biggest problems with the Indian education system is that it does not promote financial literacy. At Havenspire, we help people build financial skills and manage their money well, ”says Akash.
The challenge was to manage the money in order to invest like they were students, and to convince their parents to let them pursue their interests and allow them to skip the internships on campus. Even though Akash was placed, he decided to stop and continue to.
The COVID-19 outbreak
“During COVID-19, we helped many young people, students, professionals, housewives and even the elderly to become stock market experts and achieve financial independence. Trading as a subject is still considered taboo in India, where many people believe that only loose money should be invested in stock trading. We have undertaken a colossal task to raise awareness and change the mindset of people through masterclasses by talking about market analogies in layman’s terms, ”Akash explains.
The team currently has 30 members and seeks to grow exponentially. Once a learner enrolls in their masterclass program, they undergo systematic training based on the program.
The team trains traders on WhatsApp for three weeks on weekends overnight. They are encouraged to apply the strategies they learned during weekend classes while negotiating throughout the week. They also have several features and tools like Havenspire Live for live trading with mentors, Havenspire Academy of Trade, outage videos and live trading voice channels.
“They get a lifetime membership in our merchant community on the Discord server, which is unique to Havenspire. Learners can interact with expert traders they can ask for help while they trade. All of these features help members accelerate their journey to become successful traders, ”Akash explains.
Future operations and plans
Akash says they started Havenspire with a investment of Rs 10,000, and the company is currently primed. The team grew using their own profits and reached the first Rs 1 crore income mark during the first four months of operation.
“In one year of operation, we have crossed $ 0.6 million. Havenspire’s turnover has now reached Rs 4.5 crore, achieving 250% revenue growth in one year. We are in talks to grow at an exponential rate, ”Akash says.
The team generates income through enrollment in the masterclass program. These registrations come mainly from word of mouth and Instagram. The team uses social media to reach the target audience. The emphasis is on the student community.
The team charges Rs 30,000 per learner, which gives them access to several features, as well as training courses and access to our community of stock traders. Akash adds that the startup’s current operating profit margin is around 40%.
Although the team declined to share the business model, they added that it worked on creating a community learning experience and focused on hands-on learning.
“We now aim to dive deeper into the edtech industry and differentiate ourselves from other large edtech companies. In addition, we strive to expand our user base and help every Indian with financial literacy. At the same time, we plan to venture into the world of fintech as well, ”Akash says.
India is now the sixth largest stock exchange, overtaking France, according to a PBS report. And there is a growing base of investors.
Currently, the startup operates in the same space as unicorns asand .
Startups such as, a fintech app that teaches kids about money management through gamification; FamPay, India’s first neobank for teens that allows parents to track their spending and savings; Finin, a neobank that provides AI-based information on spending and tracks savings; and Walrus, a payment app for teens, are creating big waves by delivering fintech solutions for children and young adults with their creative offerings.
“Each learner gets a lifetime membership in our community where thousands of stock traders meet and interact with each other, offering mutual guidance and support. In this way, each learner turns into a mentor over time. In India, few people are fortunate enough to find people with similar interests around them. By being part of our community, learners can interact with expert stock traders at any time, ”Akash explains.
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