Kredent InfoEdge Pvt Ltd, which owns Kolkata-based StockEdge and Elearnmarkets, has raised growth capital of Rs 10 crore ($1.3 million) from Kotak Securities Ltd.
Kotak Securities, which is a business subsidiary of Kotak Mahindra Bank has also acquired approximately 10% in Kredent InfoEdge as part of the fundraise.
A fintech focus VC firm Samyakth Capital also participated in the current round.
“This investment by Kotak Securities is a big validation of the value we are adding in a retail investor's journey. This strategic partnership will propel us in a different growth trajectory and we plan to grow from 2 million users currently to 10 million in the next two years.
This fund will be used to enhance our product capabilities and to create brand awareness of Elearnmarkets and StockEdge. We will soon raise more capital in our Series A round,” Vineet Patawari, CEO and co-founder of Kredent InfoEdge told TechCircle.
Founded by Vivek Bajaj, Vineet Patawari and Vinay Pagaria, Kredent InfoEdge was bootstrapped so far. All the co-founders are chartered accountants by profession. Bajaj and Patawari are IIM Indore alumni. Elearnmarkets was started in 2014 and StockEdge was launched in 2016.
“Kotak is not just a financial investment, but also a strategic one as we are exploring a lot of product level synergies to help investors in their journey, Patawari added.
StockEdge, which is available as a website and mobile app, is used for analysing stock market.
Ernst & Young (EY) acted as the exclusive financial advisor and Cyril Amarchand Mangaldas (CAM) acted as the exclusive legal advisor to KIPL.