Kredent InfoEdge looks at raising USD 8mn fund for expansion

 

Fintech-cum-education startup Kredent InfoEdge is looking to raise USD 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 USD 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 a 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 an investment decision.

They need not 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 hold 67 percent of the company's stake and the rest by others. 

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