India Infoline Finance Ltd (IIFL) Group’s early-stage investing vehicle IIFL Fintech Fund led the Series A investment round in analytics firm Trendlyne, with a funding of $1.8 million.
With its second-time investment in the analytics platform, IIFL Securities Ltd, one of the founders now holds a majority stake in the firm.
“Business has grown significantly over the last few years and it is now a profitable venture. Additional funds will help the company hire the right talent, and lead to faster scale-up,” Mehekka Oberoi, fund manager at IIFL Fintech Fund said.
Trendlyne plans to deploy these funds towards new product launches, team growth and geographical expansion.
In September 2020, IIFL, via its subsidiary IIFL Securities Ltd, picked a 6.25% stake in Giskard Datatech Pvt. Ltd, the company with operates Trendlyne, raising its stake in the market data platform to over 20%.
In November 2018, IIFL Securities bought a 15% stake in the market analytics firm for an undisclosed amount.
IIFL Fintech Fund, however, was established in 2021 with a Rs 140-crore sponsorship from two IIFL Group companies including IIFL Securities and IIFL Finance Ltd. Some of its other investments include Leegality, FinBox, DataSutram, Multipl, Finarkein, TrustCheckr, EasyRewardz and Open Financial Technologies.
With Amber Pabreja at its helm, Trendlyne is a B2B as well as a B2C platform with about one million registered users. Some of the key offerings available on its website and mobile application include stock scores, screeners, backtesting, stock insights, and some forward-looking products.
“We launched Trendlyne with the idea of democratizing stock market data, and to help people get more control over their investments,” Pabreja said, adding that its products allow retail investors to access data and analytics that were once only available to professional investors and funds.
