[Funding alert] Mumbai Angels Network backs investment tech startup AsknBid

Bengaluru-based investment tech startup AsknBid has raised an undisclosed amount of funding from Mumbai Angels (MA) Network and other angel investors. The investment was led by Ravikanth Reddy, Partner, Regentway Ventures. Regentway is a Hyderabad-based family office that invests in deep tech companies. 

Ravikanth said, 

"Our family office has been tracking deep-tech innovations in global capital markets for years and foresees several white spaces in India in this regard. I’m happy to be associated in the growth story of AsknBid."

The startup said it will be utilising the capital for scaling up its research platforms and strengthening existing technology systems. AsknBid is also part of the Nvidia Inception Program for machine learning and deep learning startups.

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Founded in 2018 by Suresh Bavisetti and Paarth Dhar, AsknBid builds algorithmic investing-based tech products. It has recently launched Lambda, a tournament for Quant researchers to research and submit trading strategies and compete with peers around the globe for cash prizes. The company said it would soon be launching competitions for the Indian stock market. 

The founders said, 

“Algo investing is still in its infancy in Indian markets and we believe that India will see multiple players and products emerging in this space over the next few years."

Nandini Mansinghka, Co-promoter and CEO, Mumbai Angels Network, added, “We are seeing increasing activity in AI-based algo-trading space, and are hoping that AsknBid becomes a star in our Al-ML portfolio.”

Started in 2006, Mumbai Angels Network has a 135+ strong portfolio with 30+ exits and has invested over Rs 150 crore so far. The network, which is today 450+ members strong across 9 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune, Jaipur and Chennai), has also backed a Goa-based electric vehicle tourism startup BLive this month in its pre-Series A funding round. 

(Edited by Teja Lele Desai)