Investment management startup Upside AI has raised $1.2 million in a seed funding round led by venture capital fund Endiya Partners. Funds raised will be used to hire seasoned salespeople with experience in the field and hire best-in-class product engineers.
Other investors in the round include Vijay Kedia – veteran stock market investor, Ajay Nanavati – chairman of Quantum Advisors, former chairman of Syndicate Bank, managing director of 3M, and Gopichand Katragadda – CEO of Myelin Foundry, ex-CTO of Tata Group .
Mumbai-based Upside AI was founded in December 2017 by Kanika Agarrwal, Nikhil Hooda and Atanuu Agarrwal – registered with SEBI as a Portfolio Management Service (PMS).
Commenting on the fundraising, Atanuu Agarrwal, co-founder of Upside AI, said: “We believe that the Indian asset management industry is in its infancy with single-digit household wealth penetration. . Technology and rules-based investing already dominate mature markets; in fact, the top 5 hedge funds in the world are quantitative funds. In 5-10 years this will also happen in India, and we are excited to be at the forefront of this movement. Over the next two years, we aim to add 1,000 HNI, family offices and institutional clients and reach INR 1,000 cr AUM. We believe the funding and guidance from Endiya and our esteemed angel investors will propel us to this important milestone.
Lead Investor Sateesh Andra, Managing Director of Endiya, said, “Upside AI has already attracted high-profile clients ranging from large family offices, VCs, CEOs of large multinationals in India and the United States through a unique investment technology that the team has built in-house and extensively tested. The funding will help them build a strong pipeline of differentiated technology products and a network of leading distributors, wealth managers, brokers and IFAs. The founders’ product-driven and client-centric approach can help them achieve their vision of being a world-class, technology-driven asset management firm that will democratize access to cutting-edge technology. sophisticated investment designed for Indian investors.
Upside AI’s first products focus on stock investing using proprietary machine learning algorithms to understand, recognize and buy companies that are fundamentally good companies.