IIFL Securities, a unit of IIFL Holdings, said that it has picked up a 15% stake in Bengaluru-based fintech startup Trendlyne for an undisclosed amount.
Trendlyne is a stock markets analytics platform used by investors, analysts, fund managers and industry watchers. It is an Oracle Startup Accelerator alumnus, winner of the Top 20 Fintech Startups from IAMAI, and winner of the Next Big Idea Contest 2018 from the Canada government as well.
IIFL Securities will integrate several features of Trendlyne such as Superstar Portfolios and Stock Screeners into IIFL’s own stock trading platform.
Aniruddha Dange, Digital Strategy Head, IIFL Group said, that Trendlyne empowers retail investors with access to analytical tools powering features like custom alerts and superstar portfolio.
“While online retail investors have grown by 50% in the last year, a large segment of investors still trade on the basis of ‘tips’ through unverifiable sources. Our aim is to provide them with reliable structured data which have been time-tested,” Dange said.
Trendlyne is operated by Bengaluru-based Giskard Datatech Ovt. Ltd, and was founded in 2016 by Amber Pabreja and Devi Yesodharan. The startup raised seed investment in January this year from DICE Fintech ACE, the startup accelerator programme backed by the Three Sisters institutional office along with the Bhagchandka Group family office fund.
The startup claims to have approximately three million monthly page views while IIFL Securities has 3.7% share of daily cash turnover in Indian markets and its mobile app ‘IIFL Markets’ has over 2.1 Mn users.
Like Trendlyne, many fintech startups are disrupting the traditional model trading stocks by offering tech-enabled insights and stock trends to individual investors. In this space Trendlyne faces competition from companies like Zambala, Smallcase, Wealthy, and many more. Apart from app-based trading, fintech startups are also working on integrating investors’ portfolios into a single app and reducing brokerage fees.