Ex-Tata Group CTO joins $1.2m seed round of Indian investment management firm

Upside AI, an India-based investment management startup, has raised US$1.2 million in a seed round led by early-stage VC firm Endiya Partners.

Veteran stock market investor Vijay Kedia, Quantum Advisors chairman Ajay Nanavati, and Tata Group ex-chief technology officer and Myelin Foundry CEO Gopichand Katragadda also participated in the round.

(From left) Nikhil Hooda, Kanika Agarrwal, and Atanuu Agarrwal, co-founders of Upside AI / Source: Upside AI

Founded in 2017 by Kanika Agarrwal, Nikhil Hooda, and Atanuu Agarrwal, Upside AI offers machine learning-driven solutions to helps users invest in companies listed on the Indian stock market.

According to the company, its first few products focused on equity investing using proprietary machine learning algorithms, which it claims helps customers get a better understanding and invest in good businesses.

Upside AI is also registered with the Securities and Exchange Board of India, the country’s regulatory body for securities and commodity markets, as a portfolio management service (PMS).

“Over the next couple of years, we want to add 1,000 HNIs (high net worth individuals), family offices, and institutional clients and grow to 10 billion rupees (US$135 million) in assets under management (AUM). We believe the funding and guidance from Endiya and our esteemed angel investors will propel us toward this milestone,” co-founder Atanuu said in a statement.

The startup claims it is one of the top-performing PMS platforms in India and that it has delivered about 71% cumulative returns since July 2019. Its AUM has grown by 10x over the last year to more than 550 million rupees (US$7.4 million) with funds from HNIs and family offices, the company added.

Currency converted from Indian rupees to US dollar: US$1 = 74.12 rupees.