[Funding alert] Kredent, based in Kolkata, raises Rs 10 Cr from Kotak Securities

[Funding alert] Kredent, based in Kolkata, raises Rs 10 Cr from Kotak Securities

Kredent InfoEdge Private Limited (KIPL), exploiting the brands StockEdge and Learning markets, raised growth capital of Rs 10 crore of Kotak Securities Limited to expand its product capabilities and increase the reach of users.

This is the first financing transaction undertaken by Kotak Securities Limited (KSL) under its recently launched start-up investment and engagement program.

The company said it plans to leverage the funds raised to expand its e-learning and analytics offerings, as well as to upgrade its data and technology.

Founders (from left to right): Vineet Patawari, Vivek Bajaj and Vinay Pagaria

Kredent currently serves over two million users and is looking to grow the user base to 10 million. The company aspires to create an ecosystem capable of offering investors a full journey – from learning (via electronic markets), research and data analysis (via StockEdge), collaboration (via StockEdge social) to the transaction. It plans to launch its social investment platform, as well as a transaction engine that will host several intermediaries.

Learning markets is a financial education platform in India with over 1 million learners and over 200 market experts who run finance courses in multiple languages. StockEdge is a stock analysis platform with over a million active users.

Vivek Bajaj, Co-Founder and Director, StockEdge and Elearnmarkets mentionned,

“We are delighted to have Kotak Securities among our investors. We share a common philosophy of empowering retail investors through in-depth knowledge. As India’s financial markets expand into the real Bharat, we are uniquely positioned to meet the global needs of the “new Indian investor”.

Co-founded by Vivek Bajaj, Patawari vine, and Vinay Pagaria, the company had previously raised capital from investors such as Ramesh Damani, IndiaMart founder Shri Dinesh Agarwal and others. Capital of Samyakth, a FinTech-focused venture capital firm and an existing investor also participated in the current round. The three co-founders are chartered accountants and two of them obtained their MBA from IIM Indore.

Following this funding, StockEdge and Elearnmarkets will look to raise Series A funds within 12-15 months to create a niche ecosystem in India’s capital markets.

Ernst & Young (EY) acted as exclusive financial advisor and Cyril Amarchand Mangaldas (CAM) as exclusive legal advisor to KIPL.

Norma A. Roth