Vakrangee Digital Ventures Ltd inks alliance with Angel One Ltd

Vakrangee Digital Ventures Limited (100% Subsidiary of Vakrangee Ltd) alliance with Angel One Limited, the largest listed retail broking house in India, to offer online trading account opening services through its BharatEasy Mobile app. Vakrangee shall also provide the service from its physical network of Vakrangee Kendras. Vakrangee Digital Ventures Limited is the 100% subsidiary Company of Vakrangee Limited.

This tie-up will provide a complete bouquet of financial solutions to customers across the country. The collaboration will provide our partner with access to the huge client base & Network that Vakrangee has, helping it tap the untapped market & diversify its base.

Vakrangee through its BharatEasy Super app and Nextgen Kendras will now be able to provide Online trading account opening services in remote areas of the country. By downloading a single Vakrangee's BharatEasy Super App mobile application, our customers would get access to a wide array of products and services which would significantly reduce their requirement to switch between multiple apps. This would lead to superior customer experience and convenience for the customer.

Angel One, is the largest listed retail stockbroking house in the country, with 2.9 million active clients on NSE as on November 2021. Angel One, a Fintech company, uses advanced technologies like Artificial Intelligence and Machine Learning into its state-of-the-art products. Its broking and allied services are offered through online and digital platforms and network of Authorized Persons.

Commenting on this partnership, Mr. Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd. said, "We are happy to partner with Angel One. This partnership with Angel One will help to provide access to a wider range of investment & financial services to our customers in the remotest parts of the country through our digital platform as well as physical network of NextGen Vakrangee Kendras. We are extremely excited about our partnership with Angel One which gives us a big opportunity to bring value to our customers. This alliance will further boost our strategy of expanding the bouquet of services."

He added, "Our franchisees in remote areas of the country can now enhance their revenue stream by offering online trading services too. We will continue to add more products and services and tie-up with leading business partners to offer our customers a one-stop solution to all their banking, insurance, ATM, financial services, assisted e-Commerce, e-Governance and logistics. Vakrangee provides these partners with the unmatched reach in remote areas where these brands find the cost of operations too high.

Our Unique Proposition of Digital along with Physical: "Phygital" would help the Digital channel to scale up fast and would significantly reduce the costs related to acquiring customers, physical assistance, order fulfilling and Return management of online orders. Further, leveraging physical presence would result in better customer interaction, strong brand recall and better service experience and trust for the customers."

Mr. Narayan Gangadhar, Chief Executive Officer, Angel One Ltd, said, "We are glad to partner with Vakrangee Digital Ventures Limited, to offer our bouquet of services to new age investors in Tier 2, 3 and beyond cities. We are extremely excited with this tech-based partnership, as we will be able to onboard more investors and deepen investing culture further."

Vakrangee currently has ~13,200 Nextgen Vakrangee Kendras spread across 28 States & UTs, 560+ districts and 4,860+ postal codes. More than 70% of these outlets are in Tier 5 and 6 towns. Vakrangee's planned target is to reach at least 25,000 Nextgen Vakrangee Kendras by FY2022 and further enhance it to reach 75,000 Nextgen outlets by FY2026.

The Company has tied up with reputed partners spread across Banking, ATM, Insurance, Financial Services, e-Commerce, e-Governance and Logistics verticals to offer its customers best-in-class services and products.

Shares of Angel Broking Limited was last trading in BSE at Rs. 1177.00 as compared to the previous close of Rs. 1124.55. The total number of shares traded during the day was 90588 in over 5873 trades.

The stock hit an intraday high of Rs. 1200.00 and intraday low of 1078.35. The net turnover during the day was Rs. 106025625.00.

Shares of Vakrangee Limited was last trading in BSE at Rs. 35.65 as compared to the previous close of Rs. 35.35. The total number of shares traded during the day was 687778 in over 2328 trades.

The stock hit an intraday high of Rs. 36.45 and intraday low of 35.30. The net turnover during the day was Rs. 24695377.00.

Source : Equity Bulls

Keywords

AngelOne INE732I01013 Vakrangee INE051B01021 OnlineTrading AccountOpening