Paasa

What do they actually do

Paasa lets Indian residents invest in global stocks and ETFs from India through a mobile app. Users can trade directly across the U.S., U.K., Europe and Hong Kong or opt for managed portfolios. Assets are held in the customer’s name with Interactive Brokers, and securities are covered by SIPC up to $500,000. Paasa provides a dedicated account manager and guides customers on remittances under RBI’s LRS, onboarding, and tax forms like W‑8BEN (homepage).

Pricing today includes a free Access plan with exchange-specific trading commissions and an Apex plan for advisory/managed strategies that charges around 1% of assets under management. Minimum deposit per transfer is $1,000. Paasa emphasizes custody clarity, SEBI‑RIA backed advisory via a partner entity, and publishes LRS and tax guides plus tools and calculators for estate tax and FX remittances (pricing; homepage).

A key use case is helping tech employees de‑risk concentrated RSUs into diversified, UCITS‑based portfolios to avoid U.S. estate tax exposure while maintaining global market access (RSU page).

Who are their target customer(s)

• Wealthy Indians and pre‑HNIs diversifying overseas: Cross‑border investing feels slow and paper‑heavy; uncertainty around LRS purpose codes, tax treatment, and custody safety increases perceived risk.
• Tech employees with concentrated RSUs: Employer stock concentration and U.S. estate tax exposure create risk; moving assets between brokers and into diversified portfolios is cumbersome.
• Parents/individuals sending money abroad (education, healthcare, living): Confusion over LRS purpose codes, TCS, and bank paperwork causes delays, higher costs, and uncertainty around compliance.
• Family offices and HNI advisors moving large-ticket capital: Off‑the‑shelf apps don’t support entity structures, FEMA/LRS documentation, or bespoke compliance workflows; need concierge setup and reporting.
• First‑time global investors in India: Skeptical of hidden fees and onboarding friction; want straightforward access to U.S./UK/HK stocks with clear custody and transparent pricing.

How would they acquire their first 10, 50, and 100 customers

• First 10: Onboard founders’ networks, YC peers and early tech‑employee pilots through personal outreach; offer white‑glove onboarding and help with LRS and W‑8BEN; use the RSU de‑risking page and dedicated account manager as trust signals (RSU; homepage).
• First 50: Target tech teams and employee groups on WhatsApp/Telegram and comp‑benefits forums; pair signups with a short RSU conversion/migration service and promote the INDmoney transfer guide to reduce switching friction (transfer guide; RSU).
• First 100: Publish SEO‑optimized LRS purpose guides/calculators to capture search; sell a bundled setup+compliance package to small family offices; add referral credits for HNI introductions and cite custody/SIPC and compliance materials in sales (LRS guides; homepage).

What is the rough total addressable market

Top-down context:

Resident Indians sent about $29 billion abroad under RBI’s LRS in FY24, a record high, with equity/debt investments forming a growing slice of flows (~$1.5–1.7 billion annually based on FY24 and Jan–Sep 2025 RBI data) (IBEF citing RBI; Vested blog citing RBI; Moneycontrol citing RBI).

Bottom-up calculation:

Near‑term revenue TAM: assume 50,000 pre‑HNI/HNI/RSU‑holder customers adopt with an average $25,000 invested and a blended 0.6% annual take rate across free trading and 1% managed accounts, yielding roughly $7.5 million in annual revenue potential.

Assumptions:

• Targetable early adopters (urban pre‑HNI/HNI/RSU holders) ≈ 50,000 nationwide over the next few years.
• Average invested assets per active customer ≈ $25,000, reflecting diversified, non‑trader behavior.
• Blended take rate ≈ 0.6% (mix of 1% AUM for a subset and low brokerage for the rest).

Who are some of their notable competitors

• Vested: Consumer platform for Indians to buy U.S. stocks/ETFs with fractional shares and SIPs; strong for self‑serve retail, less focused on concierge compliance or bespoke RSU/estate workflows.
• Winvesta: Cross‑border fintech offering multi‑currency accounts and fractional U.S. stock investing; oriented to retail global exposure and remittances rather than family‑office structuring.
• INDmoney: Broad personal‑finance “super app” that includes access to U.S. stocks/ETFs; convenient aggregation but not tailored for complex FEMA/LRS structuring or RSU conversions.
• Stockal (Borderless): Infrastructure powering banks/advisors for cross‑border investing; strong on distribution and reporting through partners, less on bespoke entity/legal compliance for HNIs/family offices.
• Interactive Brokers (IBKR): Global, low‑cost broker with multi‑market access and robust custody; a powerful DIY option, but investors must manage remittance, tax and compliance themselves.