Kolkata-based Kredent Infoedge, the fintech company that operates StockEdge, has raised an undisclosed amount of funds in pre-series A round from ace investor Ramesh Damani, along with others.
This marks the first external funding round for the equity market analysis platform.
The fresh funds will help it develop new and innovative products to enable investors, traders, and professionals to profit from the markets.
StockEdge was founded by IIM Indore alumni Vineet Patawari and Vivek Bajaj, along with Vinay Pagaria in 2016. It provides a platform for investors and professionals to analyse the equity market by offering them end-of-day analytics, visualisations, and alerts.
Talking about the investment, Mr. Vivek Bajaj, Managing Director of the company, said, “We are excited to have Mr Ramesh Damani joining us as an investor. This round of funding is a testimony to the bright future that FinTech startups like us, with focus on knowledge, have. Kredent InfoEdge has always been on a mission to spread financial literacy in India and this investment made by Mr. Damani will enable us to introduce new and innovative products that will help the participants to build a career and the investors, traders and professionals to profit from the markets.”
The platform also offers StockEdge Club, a community of stock market investors, providing education and networking opportunities both online and through its chapters across eight cities in India.
Other players in the growing Indian fintech space include Paytm Money, Moneyfront, Balance Technology, Walnut, Sensibull, among many others.
Earlier this month, wealth management platform Paytm Money was launched for the for the public.
In August this year, Paytm acquired smart savings management startup Balance Technology, to strengthen its financial services vertical. Also, fintech startup Capital Float acquired personal finance management startup Walnut for $30 million.
Indian fintech domain is witnessing a rise in the number of startups, owing to the expected growth in the domain.