Financial data analytics startup Heckyl Technologies has raised a second round of funding led by IDG Ventures India. The Mumbai-based company will receive Rs 21 crore with participation from existing investor Seedfund Advisors and angel investor Rajiv Dalal.
The three-year-old company, founded by four former Merrill Lynch executives in 2010, provides a real-time news and data analytics platform for traders and brokerages “The product was never just meant for India; it is designed for global markets,” according to cofounder and CEO Mukund Mudras, who said the company would start selling in the United States, the United Kingdom and Singapore from next year.
In the next three years, the company expects to earn revenue of $50 million (over Rs 300 crore). Pravin Gandhi, a partner at Seedfund, which first invested aboutRs 6 crore in the company last year, said Heckyl’s analytics platform has already been validated by customers in India.
“Global financial markets will also pay a lot of money for such an engine,” he said. The startup, which employs just 12 people, counts nearly two dozen brokerages as its clients including Sharekhan, Geojit BNP Paribas, Religare and Motilal Oswal. “They are providing highquality financial information to retail traders through the brokerages,” said Venkatesh Peddi, vice-president at IDG, who joins Paula Mariwala of Seedfund on the board of Heckyl. “So far only large hedge funds and financial institutions had access to such information.” The big data industry has seen a lot of activity in recent months.
Source: Economic Times