India-based Kredent InfoEdge, a Fintech and education startup, is reportedly planning to raise $8 million within the next two years, in order to finance its growth and development by leveraging the latest technology.
Kredent InfoEdge, which started its journey as a platform that offered education-focused products and services on stock markets, further expanded to include research and data analytics.
Vivek Bajaj, co-founder at Kredent InfoEdge, stated:
“We will raise $8 million (appr. INR 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 INR 10 crore (appr. $1.4 million).”
Established in 2016, the ‘StockEdge’ is reportedly one of the fastest-growing financial market data analytics applications. It has been downloaded over 1.5 million times, Bajaj claims.
Kredent’s management has been developing a web-based version of its research and products in order to serve a larger number of clients, Bajaj confirmed.
The firm also acquired a license from the nation’s financial market regulator, Securities and Exchange Board of India (SEBI), in order to serve as an “independent certified research entity.”
Bajaj noted:
“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.”
Notably, Kredent has managed to secure investments from prominent equity investor Ramesh Damani.
Bajaj remarked:
“Roping in Damani as an investor in 2018 was a landmark achievement as it was his first investment in a startup.”
Bajaj revealed that his family currently holds 67% of the firm’s stake and the remaining is held by other entities.