ICRA Analytics

What ICRA Analytics does

ICRA Analytics is an India-based financial research and analytics subsidiary of ICRA Limited, headquartered in Kolkata and founded in 1999. The company provides credit risk data, IPO research, and digital data platforms serving institutional clients (banks, asset management companies, insurance firms) as well as retail investors navigating Indian financial markets including mutual funds and Gold ETFs. Its product surface spans subscription-based research and analytics services alongside professional services delivered in the role of SEBI-appointed Monitoring Agency for QIPs and other securities offerings.

The company operates a research and analytics platform built on proprietary datasets covering Indian market indicators such as SIP flows, Gold ETF AUM, and fund performance across multiple time horizons. Recent inorganic moves — notably the acquisition of Fintellix and D2K Technologies — have expanded the platform's compliance analytics and data technology capabilities. Distribution combines direct institutional sales with content marketing through media partnerships with major Indian financial publications including the Economic Times and Business World.

ICRA Analytics monetizes primarily through recurring subscription revenue from research and analytics services, supplemented by professional services fees from Monitoring Agency mandates and compliance-oriented analytics solutions. The Research and Analytics segment grew 56.8% year-on-year in Q4 FY2026, driven largely by the Fintellix acquisition and rising demand for compliance analytics. The company employs 251-500 staff and operates within a broader ICRA Limited group ecosystem that provides established brand credibility in Indian credit ratings and research.

Name

ICRA Analytics

Legal name

ICRA Analytics

Website

https://icraanalytics.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

251–500 employees

Short description

ICRA Analytics is an India-based financial research and analytics subsidiary of ICRA Limited providing credit risk data, IPO research, and digital data platforms to institutional clients and retail investors in Indian financial markets.

Ownership category

akta.pro rank

Product category

Financial Analytics Software

NAICS

Portfolio Management and Investment Advice (523940), Activities Related to Credit Intermediation (5223), Software Publishers (513210)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Credit Research (FSACAGAB)

akta.pro secondary industries

Credit Monitoring, Portfolio Analytics & Early Warning Systems (FSAGAHAJ), Risk Analytics, Portfolio Monitoring & Early-Warning (Consumer Credit) (FSAKAKAH)

Keywords

• Credit risk analytics
• IPO research services
• Financial data platforms
• Investment analytics
• Market intelligence

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Research and Analytics Services: Provides investment research, credit risk analytics, and data platforms to institutional and retail investors. Revenue driven by subscription-based research services and compliance-oriented analytics solutions including the Fintellix acquisition.
2. Monitoring Agency Services: Acts as appointed monitoring agency for tracking utilization of proceeds from Qualified Institutional Placements (QIPs) and other securities offerings, pursuant to SEBI regulations.

Distribution channels1 record

Marketing channels2 records

Core offering

ICRA Analytics offers analytics and digital platforms for credit risk management, market data, and investment research. Its core offerings include credit risk analytics, IPO research, and data platforms, supplemented by consulting, knowledge services, and SEBI-mandated monitoring agency services for capital market transactions.

Product overview

ICRA Analytics offers Credit Risk, IPO Research, and Data Platforms solutions. Based on the limited source data from the company website, no specific named products or modules could be identified.

Differentiator

Problem solved

Functional benefit

Products and services

• Credit Risk Analytics

Quantifiable outcome

• Active equity funds largely outperformed passive funds over three- and five-year horizons, particularly in mid-cap and small-cap segments
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Refinitiv (LSEG): Refinitiv (now part of London Stock Exchange Group) provides global financial data, analytics, and research platforms. Comparable to ICRA Analytics as a broad data and research incumbent serving institutional finance clients.
• Morningstar: Morningstar is a global investment research and mutual fund analytics firm. Its fund research, ratings, and analytics overlap with ICRA Analytics' mutual fund research offering, though it serves a global rather than India-only market.
• Bloomberg: Bloomberg is a global financial data, analytics, and research platform serving institutional investors. It overlaps with ICRA Analytics in providing credit and investment research, though its scope is broader and global.
• Moody's Analytics: Moody's Analytics (sister entity to ICRA Limited's majority shareholder Moody's) provides global credit risk analytics and data platforms. Comparable as a credit research and risk analytics incumbent with deeper global footprint.

Regional players

• Moneycontrol: Moneycontrol is a leading Indian financial news and data platform providing investment research and market analytics. It overlaps with ICRA Analytics' retail investor research offering while primarily serving the Indian market.

Direct peers

• Value Research: Value Research is an Indian mutual fund research and analytics platform serving retail investors. Comparable to ICRA Analytics' mutual fund research offering, though with a retail-focused rather than institutional distribution model.
• Acuité Ratings & Research: Acuité is an Indian credit rating agency offering ratings and research services. It competes with ICRA Analytics in credit research and analytics for Indian corporates and financial institutions.
• India Ratings and Research: India Ratings (Fitch subsidiary) provides credit ratings and research in India with global data infrastructure support. Comparable to ICRA Analytics as a domestic credit research peer backed by a global rating parent, serving similar institutional clients.
• CARE Ratings: CARE Ratings is an Indian credit rating agency that also publishes research and analytics on Indian capital markets. It directly competes with ICRA Analytics in credit research and adjacent investment analytics for institutional and corporate clients.
• CRISIL Limited: CRISIL is a direct domestic competitor offering credit ratings, research, and analytics for Indian financial markets. As an S&P Global subsidiary, it competes head-to-head with ICRA Analytics in credit research, investment research, and data platforms serving mutual funds and institutional clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/ICRAAnalytics
• LinkedInlinkedin.com/company/icra-analytics-ltd

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICRA Analytics