Bengaluru headquartered stock market research platform Trendlyne recorded its revenue for the fiscal year ending March 2023 ballooning to Rs 7.9 crore. This was a 60% spike as compared to its preceding fiscal year’s estimate scale of Rs 5 crore.
Following the rise in its top line, the startup’s revenue from operations too grew 55% over the same period. Seeing the entirety of it coming in from the sale of services, operations contributed over 96% in FY23.
Comparatively, FY22 had seen an operating revenue of over 99% with the entirety of it contributed through the sale of services.
Founded by Amber Pabreja, Trendlyne is a stock market research platform that generates revenue by charging subscriptions and selling advertising space. It provides investors with access to a variety of data and tools, including stock screeners, research reports, and portfolio management tools.
Employee benefits turned out to be the fintech firm’s major expense in FY23 contributing over 50% to the overall expenses.
While legal charges took up over 8%, advertising and promotional charges pitched in close to 7% to the company’s expenses.
It’s overall expenses almost doubled from FY22’s Rs 3.8 crore to FY23’s Rs 7.13 crore.
The 2017 incorporated startup last secured over Rs 14 crore through it’s Series A funding round held in 2022. The round was led by existing investor IIFL Finance and also saw support from Preeti Bhagchandka.
While founder Amber Pabreja became the largest shareholder in Trendlyne post the infusion of the funds, the likes of Devi Yashodharan and IIFL were also significant shareholders holding over 20% shares each.
The platform has previously raised its Seed round of over Rs 1 crore from IIFL Finance in 2019 as well.
Its profits for FY23 amounted to Rs 55.5 lakhs, a 15% drop as compared to FY22’s Rs 65 lakhs. Remaining in positives, both its EBITDA and ROCE dropped to 10.80% and 4.10% respectively.