Financial analytics platform Trendlyne has secured a $1.8 million Series A investment round led by IIFL Fintech fund. This is the second time IIFL has invested in Trendlyne and now holds a major stake in the company.
The company plans to utilise funds for new product launches, team growth, and geographical expansion, Trendlyne said in a press release.
Trendlyne has built products in the stock market and mutual funds space, encompassing stock scores, screeners, backtesting, Alpha Alerts (real time alerts across structured and unstructured data), stock insights, as well as forward-looking products in consensus estimates and analysts calls. The company aims to democratise stock market data, and to help people get more control over their investments.
Trendlyne says it saw rapid growth in the past one year with over 350 million page or screen views over 12 months on its website and mobile app. It also claims to grew its B2B business rapidly and counts India’s major brokerages among its customers, including ICICI Securities, Kotak Securities, 5Paisa, Motilal Oswal, IIFL Securities, SBI Capital, Edelweiss et al and serves over 500 million APIs and page views every month to its B2B customers.
In 2018, Trendlyne became a part of the first cohort of YES Bank-backed ACE Accelerator Program which was initiated by Indian School of Management and Entrepreneurship (ISME). During the same year, the startup raised its seed round.
IIFL’s fund’s investments include Leegality, FinBox, DataSutram, Multipl, Finarkein, TrustCheckr, EasyRewardz and Open Financial Technologies.