Investment app Lemonn, started in April 2024 by PeepalCo, said it had built a user base of five lakh in the first five months, indicating its user friendliness among stock investors. Lemonn said about 36% of the total users were first-time investors.

The app offers options to invest in mutual funds, direct stocks, IPOs, and trade in Futures and Options (F&O).

“Our goal is to make investing simple and accessible for everyone. Reaching five lakh users in just five months is a strong indicator that we are on the right path,” said Ashish Singhal, co-founder, Lemonn.

“We have designed our platform to empower young individuals to take advantage of the investing opportunities and secure their financial future,” he said.

“As we move forward, we will continue to enhance the user experience while staying committed to our mission: making financial opportunities equal for all,” he added.

According to him, about 68% of its users are from tier 2 and 3 cities and 65% are in the age group of 18-25 years.

Ahmedabad, Jaipur, Bardhaman, Nadia and Murshidabad are among the top 10 cities for the platform. 

Devan Sardana, Business Head, Lemonn said, “A substantial portion of our user base consists of first-time investors, presenting us with the opportunity to build long-term relationships. The trust our users have placed in us motivates and drives us to consistently deliver exceptional service.”

Lemonn offers zero maintenance and account opening fees, with the additional benefit of zero brokerage for one month for new users.