Definedge has raised ₹22 crore in a Pre-Series A, taking total funding to ₹30 crore. The Pune firm built trading tools and an education community before it took a broking licence, and says its Momentify platform has crossed ₹1,000 crore in assets under management. Most brokers start with a licence and then go looking for customers. Definedge did it the other way round, spending years building trading tools and an education community before it became a broking firm at all. The Pune company has raised₹22 crorein a Pre-Series A round, taking the total it has raised to ₹30 crore. Existing backers Nitin Agarwal and D. Prasad returned, joined by new investors Anant Jain and Sachin Kasera. The round is entirely equity. Prashant Shah and Rajesh Badiye founded the company, which now runs more than a dozen platforms including Opstra for options analytics, Zone for technical analysis, Algostra for no-code algorithmic trading, Momentify for rule-based investing and Gurukul for education. Work the two disclosed numbers against each other. If the total stands at ₹30 crore and this round is ₹22 crore, the first institutional and angel round, which closed in November 2025, was about ₹8 crore. Returning investors are the part worth noticing. Ten months later the company has raised close to three times that in one go, with both original backers coming back in. An angel who writes a second and larger cheque has seen the numbers between the two rounds, which an outsider has not. Definedge says Momentify has crossed ₹1,000 crore in assets under management in roughly 15 months, and that it is targeting ₹5,000 crore within 24 months. It is worth being precise about what that figure is, because assets under management get read as company size and they are not. The ₹1,000 crore belongs to the users. It is their money, sitting in their accounts, following the platform's rules. What accrues to Definedge is a fee on that money, which in rule-based investing products is typically a small percentage. A platform can run a very large AUM number alongside a modest revenue line, and both statements are true at once. The distinction matters most when comparing companies, because a business with ₹1,000 crore of assets under management and one with ₹1,000 crore of revenue are not remotely the same size. The target implies five times growth in two years, after the first ₹1,000 crore took about fifteen months. That is the number to hold the company to, and it comes with a date attached rather than being a vague ambition. Buried in the use of funds is margin funding, which is the least glamorous item on the list and possibly the most consequential. When a broker offers margin funding it lends its own money to clients against their securities. That is not a software cost that scales cheaply, it is a balance sheet that has to be funded, and every rupee lent to a trader is a rupee the firm has to have. It is one of the clearest reasons a broking business needs equity in a way a pure softw
