Kolkata-based Kredent Infoedge Pvt. Ltd, which operates the StockEdge mobile app for equity research and analytics, has raised an undisclosed amount in pre-Series A funding from ace investor Ramesh Damani.
This is the company's first external round of funding, it said in a press note.
Kredent managing director Vivek Bajaj said the company will use the money to develop new products that will help retail investors in their investment decisions.
StockEdge was started in 2016 by IIM Indore alumni Bajaj and Vineet Patawari, who is its CEO. The mobile app enables self-research by traders and investors in equity markets.
It provides stock market traders and investors with customised end-of-day analytics, visualizations and alerts on the mobile platform, according to information available on its Google Play Store page. It’s a freemium app and has recorded a little over five lakh downloads.
The app also has a feature called StockEdge Club, a community of stock market investors that focuses on providing education and networking opportunities to the members both online and through its chapters in eight cities across India, the company said in the press note.
Kredent was established in 2006. It has two more products that focus on financial education-- elearnmarkets.com (started in 2014) and krentacademy.com (started in 2010).
Recent fintech deals
The fintech segment has caught the fancy of investors over the past couple of years, given its high scope for disruption and the government’s push to go digital.
In 2017, funding in India's fintech sector jumped to $1.84 billion from $447 million in 2016, according to VCCEdge, the data research platform of News Corp VCCircle.
This month alone at least three companies have raised funding from investors.
Qbera, an online platform that makes unsecured personal loans, raised Rs 21 crore ($3 million) from a unit of business conglomerate Essel Group.
OnEMI Technology Solutions Pvt. Ltd, which runs digital lending startup Kissht, raised $30 million in a Series C funding round led by Vertex Ventures Southeast Asia & India and Sistema Asia Fund.
Bonfleet Solutions Pvt. Ltd, which runs fintech startup Bon, raised a seed round of funding led by impact investment firm Omidyar Network.