Investment management startup Upside AI has announced that it has raised $1.2M in Endiya Partners led seed round. Stock market investor Vijay Kedia, Ajay Nanavati – Quantum Advisors Chairman and Gopichand Katragadda – Myelin Foundry CEO, former-CTO of Tata Group also participated in the funding round.
Speaking on the investment, Atanuu Agarrwal, Cofounder of Upside AI, stated, “We believe the Indian asset management industry is in its early days with single-digit penetration of household wealth. Technology and rules-based investing already dominate mature markets; in fact, the top five hedge funds in the world are quant funds. Five to ten years from now, this will play out in India too and we are excited to be at the forefront of this movement.”
He further said, “Over the next couple of years, we want to add 1,000 HNIs, family offices, and institutional clients and grow to Rs 1,000 crore AUM. We believe the funding and guidance from Endiya and our esteemed angel investors will propel us towards this milestone.”
Sateesh Andra, Managing Director, Endiya, added, “Upside AI has already attracted marquee clients ranging from large family offices, VCs, CEOs of large MNCs in India and the US on the back of unique investment tech that the team has built in-house and extensively tested. The funding will help the startup build a robust pipeline of differentiated tech products and a network of large distributors, wealth managers, brokers, and IFAs. The founders’ product-focused and client-centric approach can help them achieve their vision of being a world-class, tech-driven asset management company which will democratize access to sophisticated investment technology, built for Indian investors.”
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