Upside AI has raised $1.2 million in its funding round led by venture capital fund Endiya Partners, including other participants like Vijay Kedia, Ajay Nanavati, chairman of Quantum Advisors, and Gopichand Katragadda, CEO of Myelin Foundry.
The company plans to use the fund to increase production and distribution. It also plans to scale up its tech teams that will focus on growing assets under management (AUM) from high net-worth individuals (HNIs), institutional investors, and family offices.
Earlier in 2019, the company showcased its first set of products focused on equity investing using machine learning algorithms to understand, recognize, and buy relevant companies.
Read More: Yellow Messenger Renamed To Yellow.ai To Launch Artificial Intelligence Powered Voice Bots
Upside AI is a SEBI (Securities and Exchange Board of India) recognized portfolio management service provider founded in 2017 by Nikhil Hooda, Kanika Agarwal, and Atanuu Agarwal.
Since July 2019, the company has consistently delivered 71% cumulative returns. It has grown over ten fold in the last year to over ₹55 crores with funds from different High Networth Individuals and family offices.
The co-founder of Upside AI, Atanuu Agarwal, said, “We believe the Indian asset management industry is in its early days with a single-digit penetration of household wealth.” He further added that the company aims to add more than a thousand HNIs, institutional clients, family offices and grow to ₹1,000 crore AUM.
The co-founder also predicted that technology and rules-based investing would dominate the Indian stock market in the coming decade.
“The funding will help Upside AI build a robust pipeline of differentiated tech products and a network of large distributors, wealth managers, and stockbrokers,” said the managing director of Endiya Partners, Sateesh Andra.
The company has already acquired numerous clients in India as well as in the United States, including prominent venture capitalists and CEOs of many multinational corporations.