Shoonya, India’s first “True Zero Brokerage” trading platform, is designed to alleviate the pain point of paying brokerage on trades. With an impressive 150% platform expansion in the past year and a user base of 1.5 lakh clients, Shoonya aims to establish itself among the top 10 online trading platforms in India.
In this interview with Fintech Watch Mr. Sarvjeet Virk, Co-founder & MD of Finvasia, the parent company of Shoonya discusses its unique value proposition, target audience, expansion plans, and competitive edge.
Edited excerpts from the interview
What is ‘Shoonya’ advantage? Tell us more about its USP, Target Audience, Expansion Plans and Competitors.
Shoonya was incorporated with the single-minded purpose of eliminating a well-entrenched customer pain point, i.e. paying brokerage on trades. While the country had a slew of full-service brokerages who charged commission as a percentage of traded value and a handful of discount brokers who charged brokerage on the number of trades at that point in time, Shoonya took the lead to become India’s 1st True-blue Zero Brokerage trading platform.
Ever since the pandemic, there has been an unprecedented growth in the number of people who want to trade in stocks. The testimony to this is that in July 2023 alone, an estimated 3 million demat accounts were opened, highlighting the increase in retail stock market participation. Most of these are New to Trading (NTT) clients who seek guidance and support as they lack the skill and expertise to evaluate which scrips to invest in. That’s where Shoonya’s intuitive and easy-to-use Artificial intelligence-equipped trading app has a clear competitive advantage. The AI-based feature provides a user-friendly interface with colour-coded predictive signals, exclusive stock picks, and a range of features that elevate the overall trading experience.
Shoonya has two key sets of customers who form our target audience. New to Trading is one target audience set and the other is experienced traders who primarily trade in the derivatives markets. Our AI-led features are a boon to both experienced traders and newcomers alike.
Another competitive advantage we have is our extremely low cost to trade. To put things in context, cumulatively there are 16 trade-related services when benchmarked against competition, where Shoonya charges ZERO BROKERAGE! This helps customers derive the lowest cost to trade because, at times, all they pay are government taxes and nothing else. Due to this, our app has been a favourable choice for retail investors.
Shoonya continues to gain significant traction, and our platform has expanded by 150% in the past year, with an active user base of 1.5 lakh clients. In the next few quarters, our goal is to expand our user base further and establish ourselves among the top 10 online trading platforms in the country.
What specific features make Shoonya a ‘True Zero Trading Platform?
Shoonya positions itself as a “True Zero Trading Platform” owing to a combination of features that collectively eliminate charges across various critical aspects, making it a genuinely commission-free and cost-effective platform for traders and investors. The core of our platform’s appeal lies in its zero-commission model, which eradicates brokerage fees, clearing charges, and hidden costs. Beyond this, we also offer free account opening, saving users from the typical expenses associated with creating a trading account, and it doesn’t impose annual maintenance charges, reducing financial burdens further.
With Shoonya, we also offer free call and trade services, catering to investors who require assistance in executing trades via phone without additional costs. Our comprehensive suite of services, including AI-powered analytics, predictive analysis, colour-coded signals, exclusive stock picks, and portfolio management, enhance the overall trading experience and decision-making capabilities, all without brokerage or commission charges. The platform’s transparent pricing and commitment to zero hidden costs build trust and confidence among users, and its user-centric approach challenges industry stereotypes, making it an appealing choice for retail investors seeking a transparent, cost-effective, and feature-rich trading platform.
How does Shoonya’s partnership with I Know First enhance the decision-making capabilities of traders using the platform?
Our partnership with I Know First is aimed at significantly enhancing the decision-making capabilities of traders using the platform through the integration of advanced artificial intelligence (AI) and deep learning technologies. I Know First is a leading financial technology firm specializing in AI-powered stock market predictions, and its collaboration with Shoonya provides traders with a range of useful tools and insights. The partnership leverages I Know First’s proprietary algorithm, developed by a team of experienced PhDs, engineers, and data scientists, to analyze a vast amount of data from 1500 Indian scrips, including those from NSE and BSE. This analysis empowers traders to identify the best investment opportunities in the Indian financial market, making it a valuable resource for decision-making.
Traders using Shoonya benefit from intuitive color-coded signals and predictability indicators that help them interpret market movements with ease. These features allow traders to focus on predictable assets and make quick, informed decisions, improving their overall trading experience. Moreover, I Know First’s AI-driven forecasts for main indices in India keep our users ahead of the market trends. This partnership not only makes advanced AI technology accessible to retail investors but also offers them a competitive advantage in the Indian trading landscape.
Could you explain the role of AI algorithms in generating predictions for the future performance of financial assets on the Shoonya platform?
AI algorithms play a pivotal role in generating predictions for the future performance of financial assets on the Shoonya platform. As I mentioned earlier, these advanced algorithms perform comprehensive data analysis, combing through vast historical and real-time data from sources like Indian scrips, market indices, NSE, and BSE. Leveraging deep learning and AI techniques, they identify patterns, trends, and correlations within financial markets, helping users interpret market movements through intuitive color-coded signals.
The AI algorithms also facilitate portfolio optimization, enabling investors to make informed decisions regarding asset allocation. Shoonya’s integration with I Know First’s AI algorithm grants retail investors access to sophisticated predictive capabilities that were once exclusive to institutional players by enabling real-time updates and instant heatmaps that help our users stay ahead of market changes. AI algorithms also empower our users with predictive analysis, enhancing their ability to make well-informed investment decisions, optimize portfolios, and improve their trading experience, making it a key differentiator for Shoonya in the financial market landscape.
You have built a successful business from scratch. As an achiever, tell us more about your journey so far.
My journey began in Chandigarh, where I was born and raised. I completed my college education at Punjab Engineering College, and my thirst for knowledge and experience led me to pursue an MBA in International Business and Marketing at Amity Business School. During my academic journey, I had the privilege of gaining valuable work experience through internships. I worked at the Maruti Suzuki Production plant in Gurgaon and also with Sahara Airlines in New Delhi and Sri Lanka. These experiences allowed me to explore the practical aspects of various industries and ignited my interest in business and technology.
To further enhance my knowledge and skills, I undertook an Executive Management course at Baruch College in New York, USA. Subsequently, I spent over a decade working in the USA, gaining international exposure and honing my expertise in different areas. After my time in the USA, I relocated to Canada. Eventually, I decided to return to India and embarked on the entrepreneurship journey by founding Finvasia. I have always envisioned myself as an entrepreneur, and this aspiration has been rooted in my background as an engineer. My focus has been on identifying real-life problems, developing technology-based solutions, and contributing to both industries and clients. Additionally, giving back to society has been an integral part of my vision.
My co-founder brother and I collaborated to complement each other’s strengths to create forward-looking products that incorporate artificial intelligence, particularly in the fields of fintech and healthtech. This entrepreneurial journey has allowed me to combine my passion for technology, business, and innovation to make a meaningful impact on the world. We faced many challenges along the way. Regulatory hurdles, lack of infrastructure, and low awareness of fintech among the masses were significant obstacles. However, we overcame these challenges by building a strong team of professionals, investing in cutting-edge technology, and creating a customer-centric culture. We also leveraged the opportunities created by government initiatives such as Aadhaar, UPI, and GST to offer innovative and affordable financial solutions to Indian consumers.
My team at Finvasia consists of talented and passionate individuals from diverse backgrounds and domains, such as finance, engineering, design, marketing, and operations. We share a common vision of making Finvasia and Shoonya the leading players in the Indian fintech industry and beyond. We work together to deliver high-quality products and services that cater to the evolving needs and preferences of our customers.
How do you see the future of fintech in the world, specifically India?
I believe that the future of fintech in the world, especially in India, is bright and promising. Fintech has the potential to transform the financial sector by enhancing efficiency, transparency, accessibility, and inclusion. It will enable new business models, products, and services that create value for both customers and society at large. I am particularly optimistic about the growth prospects of Shoonya. We will continue to innovate and excel in our endeavors, making a positive impact on the financial well-being of millions of Indians.
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