Kolkata-based fintech startup StockEdge has raised an undisclosed amount of funding in pre-Series A round from Ramesh Damani and others. Kredent Infoedge Private Limited, the company behind StockEdge provides stock market traders with customized analytics and visualizations.
Founded in 2016 by IIM Indore alumni Bajaj and Vineet Patawari, the startup has a mobile app which enables self-research by traders and investors in equity markets. The business is based on a freemium model and the app has generated over 5 lakh downloads to date. Ramesh Damani has closely watched the development of StockEdge over on year and that gave him immense confidence in the startup. StockEdge has already made a mark in the fintech industry and Ramesh wants to catalyze the growth of the startup as an investor and a mentor.
The round of funding is a testimony of a great future of fintech startups in India. With a focus on knowledge, StockEdge is speeding up its operations to achieve the mission to spread financial literacy in India. The company plans to utilize the capital to introduce new and innovative products that will help the customers, traders and professionals make a profit in the stock market.
Companies like Qbera raised $3 million from Essel Ventures and Bon raised $1 million in seed funding earlier this month. Chinese investor JadeValue also invested an undisclosed amount in digital lending startup Olly Credit. PayU also plans to start its credit business after getting an NBFC license from RBI this month.
Fintech startups in India have raised a total of $1.87 billion in 2017. The number was $447 million in 2016. The sector has caught the attention of investors and venture capital firms over the past 3-5 years, as it has a very bright scope and government’s push to go digital is adding fuel to the fire.