Stock market analytics platform Trendlyne to get IIFL's backing
IIFL Securities Ltd, a wholly owned unit of diversified financial services firm IIFL Holdings Ltd, is picking up a 15% stake in stock marketing analytics platform Trendlyne.
IIFL Holdings said in a statement the investment will allow its securities trading subsidiary and Trendlyne to integrate user features. It didn't disclose the amount of investment.
Aniruddha Dange, head of digital strategy at IIFL Group, said a large segment of investors still trades on the basis of ‘tips’ through unverifiable sources. "Our aim is to provide them with reliable structured data which have been time-tested,” he said.
Trendlyne is a stock market investment and analytics platform for retail investors, analysts, fund managers and advisers. The company claims its cloud-based, proprietary data engine processes hundreds of millions of rows of data to give real-time insights. The startup claims to generate around three million monthly page views.
The startup, operated by Bengaluru-based Giskard Datatech Pvt. Ltd, was founded in 2016 by Amber Pabreja and Devi Yesodharan.
Pabreja has a post-graduate degree in computer science from IIT Kanpur. He had previously worked for 10 years at optical and data networking products company Tejas Networks. Prior to that, he was associated with Veritas Software India and Wipro Cisco development facility, as per his LinkedIn account.
Yesodharan studied management at IIM Calcutta. She is the company's chief strategy officer. She had previously worked at data analytics and consulting firm Fourthlion Technologies as head of consumer insights and communications. Prior to that, she was working with the Unique Identification Authority of India, the body which executed the Aadhar project. She has also worked at Hewlett Packard Analytics, Infosys and Economic Times Intelligence Group.
While the larger fintech sector has been one of the hottest sectors in recent times in terms of funding activity, a number of startups in the investment-technology segment have also drawn interest from investors over the past year.
In September, Kolkata-based Kredent Infoedge Pvt. Ltd, which operates the StockEdge mobile app for equity research and analytics, raised pre-Series A funding from ace investor Ramesh Damani.
In August, Options trading platform Sensibull, which is run by Riskilla Software Technologies Pvt. Ltd, secured Rs 2.5 crore from Rainmatter, a fintech fund and incubator managed by stock broking firm Zerodha.
In June, Providential Advisory Services Pvt. Ltd, which runs mass market mutual fund investment platform Nivesh.com, raised seed funding of Rs 3 crore from online deal-making firm LetsVenture and a clutch of angel investors including Google India managing director Rajan Anandan and former Infosys global sales head Basab Pradhan.