[Funding alert] Kolkata-based Kredent raises Rs 10 Cr from Kotak Securities
Kredent InfoEdge Private Limited (KIPL), operating the brands StockEdge and Elearnmarkets, has raised growth capital of Rs 10 crore from Kotak Securities Limited to expand its product capabilities and increase the user reach.
This is the first funding transaction undertaken by Kotak Securities Limited (KSL) as a part of its recently launched Start-Up Investment and Engagement Programme.
The company said it plans to leverage the funds raised to scale up its e-learning and analytics offerings as well as upgrade its data and technology.
Founders (L-R): Vineet Patawari, Vivek Bajaj and Vinay Pagaria
Kredent currently serves over two million users and is looking to scale the user base to 10 million. The firm aspires to create an ecosystem that can offer investors a complete journey — from learning (through elearnmarkets), research and data analytics (through StockEdge), collaboration (through StockEdge social), to transaction. It is planning to launch its social investing platform, along with a transaction engine that will host multiple intermediaries.
Elearnmarkets is a financial education platform in India with over one million learners, and more than 200 market experts hosting finance courses in multiple languages. StockEdge is a stock analytics platform with over one million active users.
Vivek Bajaj, Co-founder and Director, StockEdge and Elearnmarkets said,
“We are excited to have Kotak Securities onboard as one of our investors. We share a common philosophy of empowering retail investors through thorough knowledge. As financial markets in India expand to real Bharat, we are perfectly positioned to cater to the overall needs of the ‘New Indian Investor.”
Co-founded by Vivek Bajaj, Vineet Patawari, and Vinay Pagaria, the company had earlier raised capital from investors like Ramesh Damani, IndiaMart founder Shri Dinesh Agarwal and others. Samyakth Capital, A fintech-focused VC firm and an existing investor, also participated in the current round. All three co-founders are chartered accountants, and two of them did their MBA from IIM Indore.
Further to this funding, StockEdge and Elearnmarkets will look to raise Series A funding within 12-15 months to create a niche ecosystem in the capital markets of India.
Ernst & Young (EY) acted as the exclusive financial advisor and Cyril Amarchand Mangaldas (CAM) acted as the exclusive legal advisor to KIPL.