Fintech-cum-education startup Kredent InfoEdge is looking to raise $8 million in the next two years to fund its growth and strengthen the services by leveraging technology, a company official said.
The city-based startup, which began its journey as a platform to provide education-related services on stock markets, expanded to research data analytics, the official said.
“We will raise $8 million (around Rs 56 crore) in two years to expand our reach and capability for the next leg of growth. Immediately, by March 2020, we expect to raise Rs 10 crore,” Kredent InfoEdge cofounder Vivek Bajaj told PTI in an interview.
Launched in 2016, the ‘StockEdge’ is the “fastest-growing” capital market data analytics app and has been downloaded more than 1.5 million times, he claimed.
Kredent was working on a web version of its research and products to reach out to more users, he said.
The company has also received licence from the capital market regulator, Securities and Exchange Board of India (SEBI), to act as an “independent certified research entity”, Bajaj said.
“We will offer fee-based independent research and tools to empower investors for taking investment decisions. They need not to switch their personal broking relationship,” he said.
Kredent has already attracted investment from ace investors like Ramesh Damani.
“Roping in Damani as an investor in 2018 was a landmark achievement as it was his first investment in a startup,” Bajaj said, adding, the company has been holding dialogues with various investors.
Bajaj said he and his family holds 67 per cent of the company’s stake and the rest by others.
Source: Business-Standard