IIFL Securities Ltd, a wholly owned unit of diversified financial services conglomerate India Infoline Finance Ltd (IIFL), has increased its stake in stock market analytics and data platform Trendlyne.
In a stock exchange filing, IIFL said its unit would pick up an additional 6.25% of Giskard Datatech Pvt Ltd, which operates Trendlyne. Following this, it will hold 20.55% of the company on a fully diluted basis.
The financial details of the latest transaction were not disclosed.
In November 2018, VCCircle had reported that IIFL Securities would pick up 15% stake in Bengaluru-based Trendlyne’s parent.
According to VCCEdge, the data research arm of Mosaic Digital, Giskard Datatech raised a little over Rs 3 crore from IIFL Securities in that transaction.
Giskard Datatech was founded in 2016 by Amber Pabreja and Devi Yesodharan. Pabreja has a post-graduate degree in computer science from IIT Kanpur and worked with Tejas Networks prior to setting up Trendlyne.
Yesodharan is an alumnus of IIM Calcutta who previously worked at data analytics and consulting firm Fourthlion Technologies as head of consumer insights and communications.
Trendlyne says its platform allows retail investors, analysts, fund managers and advisors to make informed decisions on stocks and funds, among other things.
It claims its cloud-based proprietary data engine processes hundreds of millions of rows of data to give real-time insights. According to VCCEdge, Giskard Datatech reported net sales of Rs 1.38 crore for the 2019-20 financial year, with losses of Rs 38.1 lakh for the same period.
Shares of IIFL Securities ended trading on Thursday 2.75% down at Rs 38.9 apiece. The company provides services including demat accounts, trades in various financial instruments, and researched reports and recommendations.
It is part of the larger IIFL Group, which has products including portfolio management services and alternative investment funds.