Lemonn expands services, launches zero-commission Mutual Funds for its users
India, 21 May 2024: PeepalCo’s latest offering, Lemonn has launched Mutual Fund investment service on the app to help new investors diversify their investments. This marks a significant step towards the company’s goal of evolving into a comprehensive wealth-tech player.
Users can invest in mutual funds directly and commission-free on Lemonn and start with as low as INR 100. They can also track their investments made on third-party apps using the Portfolio Import feature. The app offers schemes from over 40 fund houses, including major AMCs such as HDFC, SBI, Axis, to name a few.
Speaking on the announcement, Devam Sardana, Business Head, Lemonn, said “Our goal is to empower first-time investors to gain a deeper understanding of the investment landscape. Thus, Introducing mutual funds on Lemonn is a natural step forward for us. The rapid growth of India’s mutual funds industry, outpacing countries like the US, Japan, and China, underscores a clear and growing demand. This demand can be further enhanced by offering simple, transparent, and affordable products.”
Only a week prior, the platform introduced Futures and Options (F&O) trading with zero trading brokerage for equity investors. Lemonn is an investment app, launched last month by PeepalCo, a house of brands building wealth tech products for India. The app is designed to simplify the process of discovery and decision-making for new investors and also experienced investors.