New Delhi: Technology-based investment management firm Upside AI has raised a $ 1.2 million funding round led by venture capital fund Endiya Partners. Other investors on the tour included veteran stock market investor Vijay Kedia; Ajay Nanavati, Chairman of Quantum Advisors and previously Chairman of 3M’s Syndicate Bank & MD; and Gopichand Katragadda, CEO of Myelin Foundry and ex-CTO of Tata Group.
The company will use the investment to scale up distribution, product and technology teams that will focus on growing the assets under management (AUM) of high net worth individuals (HNIs), family offices and institutional investors.
Mumbai-based Upside AI is a portfolio management service (PMS) registered with the Securities and Exchange Board of India (Sebi) and uses a combination of fundamental investing and machine learning to invest in companies in the market. Indian scholarship holder.
The startup was founded in December 2017 by Kanika Agarrwal, Nikhil Hooda and Atanuu Agarrwal.
According to the PMS, it has generated 71% cumulative returns since July 2019 and assets under management have increased tenfold over the past year to reach more than ??55 crore with funds from several HNIs and family offices.
Atanuu Agarrwal said: âTechnology and rule-based investments are already dominating mature markets. In fact, the top 5 hedge funds in the world are quantitative funds. In about five to ten years this will also happen in India and we are delighted to be at the forefront of this movement. Over the next two years, we want to add 1,000 HNIs, family offices and institutional clients and move to ??1,000 crores in assets under management. “
Upside AI creates products that follow a systematic, rules-based approach to investing. The startup’s early products focus on investing in stocks using proprietary machine learning algorithms to understand, recognize, and buy companies that are basically good companies.
Endiya Partners is an early stage venture capital fund that invests in Indian IP product start-ups that are globally relevant. Founded in 2015, the venture capital fund manages $ 100 million.
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