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Upside AI, a SEBI-registered investment management start-up, has raised a seed round of $1.2 million led by venture capital fund Endiya Partners.
Other investors in the round include Vijay Kedia, veteran stock market investor; Ajay Nanavati, Chairman of Quantum Advisors, previously Chairman of Syndicate Bank and Managing Director of 3M; and Gopichand Katragadda, CEO of Myelin Foundry and ex-CTO of Tata Group.
Atanuu Agarrwal, co-founder, Upside AI said, “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 dominates mature markets; in fact, the top five hedge funds in the world are quant funds”.
“Nearly 5-10 years from now this will play out in India, too, and we are excited to be at the forefront of this movement. Over the next couple of years, we want to add 1,000 High Networth Individuals (HNI), family offices, and institutional clients and grow to Rs 1,000 crore in assets under management,” he added.
The firm will use the investment to scale up distribution, product, and tech teams, that will focus on growing AUM from HNIs, family offices, and institutional investors.
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