IIFL Holdings shares gained 1.88 percent in morning on Tuesday after its subsidiary decided to acquire around 15 percent stake in fin-tech startup.
"Subsidiary IIFL Securities is in the process of acquiring 15 percent strategic stake in Bangalore-based fin-tech startup Trendlyne (Giskard Datatech Private Ltd)," the company said in its filing.
Trendlyne is a stock market analytics platform for retail investors, analysts, fund managers and advisors.
IIFL Securities, the securities trading and financial products distribution firm, has 3.7 percent share of daily cash turnover in Indian markets and its mobile app IIFL Markets has over 2.1 million users.
Founded by Amber Pabreja and Devi Yesodharan, Trendlyne.com simplifies investing via its cloud-based, proprietary always-on data-engine strategies that processes hundreds of millions of rows of data to give powerful insights in real-time.
"Trendlyne offers retail investors access to advanced analytical tools – screeners, deep analytics, powering features like complex querying, backtesting, DVM scores, custom alerts and superstar portfolio," Aniruddha Dange, Digital Strategy Head, IIFL Group said.
At 09:44 hours IST, the stock was quoting at Rs 483.95, up Rs 7.00, or 1.47 percent on the BSE.
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