Mochatrade has raised a cumulative $5.56 million and plans to launch US stock perpetual contracts for Indian users.

on October 27, according to The Block, Mochatrade, a trading platform for Indian users, has cumulatively raised $5.56 million in funding. The seed round was led by CoinFund, with participation from Coinbase Ventures and others. Previously, the project had received support from Y Combinator and Pioneer Fund to complete a $690,000 pre-seed funding round.

Mochatrade allows Indian users to top up in Indian Rupees via the Unified Payments Interface (UPI) and use leverage to trade perpetual contracts on US-listed companies like NVIDIA, Tesla, and Apple, without requiring ownership of the underlying stocks or opening a US brokerage account. The platform is currently in its beta testing phase, with over 25,000 people on its waitlist, and plans to open to the public in the coming weeks.

Mochatrade stated that the raised funds will be used for trading technology development and user growth. Subsequent plans include expanding into US stock options, additional assets, and social trading features, depending on applicable laws and regulatory approvals.