Frshr launches new Fintech products – NiftyAlgo, MCXalgo and OptionAlgo
Bengaluru, December 12, 2022: Naren Lokwani, CEO of Bengaluru-based software firm Frshr Tech, today launched three new innovative Fintech products for the Indian Trader Community.
Talking to journalists, Naren Lokwani answered questions about the new product releases and landscape of the Indian Fintech market.
Interviews: Tell us about your new product releases NiftyAlgo and other Fintech products that you have recently launched.
When one: The Indian Day trader community is around 10 crore people strong and the trading volume of Indian stocks and futures market touches 1 lakh crore on a daily basis. There are many Robo-advisors when it comes to long-term investment for investors, but there is no credible analysis solution for intraday traders. Although the intraday trader community is more than 10 Crore strong, there is no simple and scalable solution for this large population. Our Fintech Robo Advisor Products NiftyAlgo, MCXalgo and OptionAlgo fill this gap beautifully.
Interviews: Why this gap in the market exists for products for intraday traders and lack of suitable solutions for them.
When one: There is a significant difference between how algorithms are designed for investing and day trading. Investment algorithms advise users on long-term stock and fund investments, e.g. 12 months and above. However, intraday algorithms need to be much more sophisticated because they suggest user strategies for the next 2-3 hours.
Therefore, the user is immediately able to verify the effectiveness of the intraday trading and robo-advisory systems. This is why, and due to the sophistication and difficulty of the underlying algorithms, there is a distinct lack of products in the intraday robo-advice space. Not many companies are able to crack this space. This is the gap that NiftyAlgo and our other fintech products are trying to fill.
Interviews: Explain us about your NiftyAlgo product in detail. How does it help an intraday trader?
When one: Our Stock Futures product NiftyAlgo provides Robo Advisory for intraday traders on Nifty, BankNifty and 40+ stock futures. The product analyzes real-time data coming from exchanges and looks closely at price and order volume. Based on the AI system analysis, the algorithm suggests the right market view and the right stock-specific view to the trader. Both buying and short-selling trends are considered, since index and stock futures can either be bullish or bearish, therefore the trader needs to make the right decision quickly.
Once the algorithm identifies the intraday trends, this is sent to hundreds of our users through a cleverly designed mobile app NiftyAlgo. This app is available on Google Play Store and users can download this app and start benefiting from our algorithms immediately.
Users get a timely buy or sell signal on all 40+ index and stock futures, and they can choose which alerts are relevant to them. This is a complex task for us, as we manage a 4-tier system, but for the end user, they only see a beautiful and user-friendly mobile app, which sends them intraday signals at the right time. The accuracy of our signals is more than 80%, which helps hundreds of intraday traders to take advantage of market movements on a regular basis.
Our app NiftyAlgo has been a super success since its release at the end of September 22 and within 3 months it has reached 10,000 mobile downloads from Google Play Store and more than 200+ paid user subscriptions.
Interviews: Do you only work with the stock futures market or other markets such as commodities and options as well?
When one: That is an excellent question! We looked at the intraday market volumes and realized that options volume on Indian exchanges is even higher than equity futures trading volume. Although we released NiftyAlgo first, there was a huge need for Options Intraday Analysis solution for Intraday traders.
We worked hard on the development of the Options algorithm and quickly came up with high accuracy algorithms for the Options market. Our software system is a 4-layer system, which is very complex and scalable, and for the user it is a simple mobile app called OptionAlgo. Users can download this app from the Google Play Store and benefit from trends and analysis on the Indian options market, which by the way is the largest in the world.
We saw instant success with OptionAlgo as well, having more than 1000+ app downloads within 4 weeks of launch and more than 25 paid subscriptions in the first 4 weeks!
Interviews: Also tell us about the MCXalgo product you have launched along with NiftyAlgo and OptionAlgo.
When one: MCXalgo is a unique product. In the sense that Indian day traders often think that day trading is about Nifty and BankNifty. The majority of traders never used to realize that commodity markets like gold, silver, platinum, crude oil and natural gas are actually much larger in volume and scale than stocks and futures.
You will be surprised to know that stocks and futures are the smallest of all markets globally, and commodity markets are much larger when it comes to scale and volumes.
So we had to address this market as well. Therefore, MCXalgo was researched by our team and launched for Indian day traders on Multi-Commodity Exchange of India, popularly known as MCX. Our app is available as a free download from the Google Play Store with the app name MCXalgo and it provides a 3-day free trial for intraday traders. After the trial, users can take a paid subscription and continue to benefit from our algorithms that guide them on market trends, direction and commodity analysis.
Within the 4 weeks of launching MCXalgo, we have 1000+ app downloads and more than 50+ paid subscribers for our services.
In fact, all three of our products launched in the last 3 months have touched the lives of more than 15,000 users and given them the intelligence and knowledge of a sophisticated hedge fund. The smart algos and AI on the scale of a Hedge Fund are now available on your mobile phone, with the help of a simple and user-friendly mobile app, which is why our products have translated into roaring success within days of launch.
We continue to work for the betterment of the Trader Community in India and globally and you will see continuous and innovative Fintech products being launched regularly from the Frshr stable, powered by our innovative and hardworking team.
Interviews: Good luck on your journey, and hope to see many more innovative products from your company and team.
When one: Thank you!
About Naren Lokwani: Managing Director of Frshrin Edtech Pvt Ltd, Mr. Naren Lokwani is an experienced executive in the software and IT sector. He has launched several product startups, raised VC funds and managed profitable exits for his companies. At Frshr, Mr Naren Lokwani has built a team of 30+ software engineers building innovative software products for clients in India and worldwide.
For further details, please contact:
Frshrin Edtech Pvt Ltd
Download the products at the links below:
NiftyAlgo: https://play.google.com/store/apps/details?id=com.frshr.niftyalgo
MCXalgo: https://play.google.com/store/apps/details?id=com.frshr.mcxalgo
OptionAlgo: https://play.google.com/store/apps/details?id=com.frshr.optionalgo
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