A few years ago, we saw a wave of startups (such as Cake Financial and Covestor) that tried to reinvent the way people made financial decisions, usually by adding social features or more data and analytics. Now elements of that approach are coming to India with the launch of ET Speed.
The site was created by Times Internet Limited, the online arm of India’s Times Group. As the name suggests, the big emphasis is real-time information — users should be able to track Indian stocks in real-time. They can also follow other users (including some yet-to-be-named financial experts, according to TIL), sharing and receiving financial advice. CEO Rishi Khiani that the site was created “keeping in mind the requirements of the Indian consumers — a mix of real time news/analysis, expert advice and community advice.” He characterizes the whole combination as a “Twitter-like strategy.”
The “ET” in the site name refers to The Economic Times, whose website receives 7 million unique visitors a month. Khani says ET editorial staff will play a role in curating ET Speed.
“ET has largely been a publishing site, with little interactivity,” he says. “We understand that ET has a unique set of visitors with great insights and knowledge within their respective domains. However, we did not have any tool or product to allow the readers to share this with others and benefit from this knowledgebase. With ET Speed, we believe we have made a beginning.”
TIL seems to be pretty busy launching new properties — last week, I covered the announcement of Tweek, a weekly tablet-only magazine aggregating content from a number of Times Group publications, created in partnership with startup Genwi.