Stack, an automated investing app for millennials, on Thursday announced that it has raised $4.5 million in a Seed round led by global marquee investors including Y Combinator, Harvard Management, Goodwater Capital, Soma Capital, Uncommon Capital and Earlsfield Capital.

Investors such as Magic Fund, Side Door Ventures, Dragon Capital, Emles Ventures, Grand Park Ventures, Chandaria Capital, Cleo Capital, AngelList, West Quad, and Olive Tree Capital also participated in the current round.

Angel investors such as Paul Desmarais III of Portage Ventures, Tanuj Shori of Squareyards and Inmad Akhund of Mercury Bank also took part in Stack’s recent round.

The startup would be using the fresh funds to expand the current team and enable more features for users.

Founded in 2021 by Smriti Tomar and Tushar Vyas, along with founding team Vidit Varshney and Yashwarshan Puranik, Stack aims to use automation to make investing easier for everyday retail investors.

The company builds tailored investment strategies with globally diversified portfolios for everyday investors according to their risk appetite and goals.

The Bengaluru-based FinTech startup has recently launched its investment app on the Playstore. The app provides customised investment solutions to the users.

"Users just have to answer a few quick questions, and the app suggests a suitable investment portfolio with the help of a Nobel Prize winning algorithm and AI driven portfolio allocation strategy known as ‘Smart Stack Approach’," the company explained.

“Everyday investors are stuck with friends’ advice and archaic platform experiences without even realizing it. Stack sets out to finally give the best investing experience to everyone, with a transparent approach while educating our users on how to make their money work instead of being a black box.” said Smriti Tomar, Cofounder and CEO at Stack.

Tushar Vyas, Cofounder and CBO said, “India needs a makeover to drive down the cost and minima of investing. Stack enables risk-free smart investments and aims to bring a revolution like Vanguard did in the US.”

“Currently all the services provided are free but we plan to monetise our platform from advanced investing strategies and tools at a nominal cost, thereby democratising wealth advisory for all,” Tomar added.

Commenting on the recent funding, Earlsfield Capital’s Junior Partner Aakash Agrawal said, “We believe that India with its young and millennial-led population is witnessing a rapid shift towards a financial assets focused investment strategy."

"With over 700 million active mobile internet users who are transacting on various platforms, there is a large market available for distribution of new-age financial products. Stack is building a mobile-first platform that makes goal-based investing a seamless and intuitive process for India’s many first-time investors. We are excited to partner with Smriti, Tushar and the team at Stack as they take India one step closer to financial inclusion," added Agrawal.