[Funding alert] Investment firm Upside AI raises $1.2M in seed round led by Endiya Partners

Upside AI, a SEBI registered investment management startup, has raised a seed round of $ 1.2 million, led by VC 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, MD of 3M; and Gopichand Katragadda – CEO of Myelin Foundry, ex-CTO of Tata Group.

Founded in 2017 by Kanika Agarrwal, Nikhil Hooda, and Atanuu Agarrwal, Upside AI spent a year in beta and went live with its products to external investors in July 2019. 

The Mumbai-based startup is an investment company that uses machine learning and fundamental analysis to invest in the Indian stock market. 

According to the press statement, the startup ranks among the top-performing Portfolio Management Services in the country, delivering 71 percent cumulative returns since Jul 2019.

Commenting on the fundraise, Atanuu Agarrwal, Cofounder, Upside AI, said,

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“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."

"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.” 

In June 2021, PMS AIF World ranked Upside AI Multicap in the top 10 products of its peer group. On the back of performance and organic referrals, their AUM has grown by 10x over the last year to over Rs 55 crore with funds from several HNIs, and family offices. 

The lead investor in this round, Sateesh Andra, Managing Director, Endiya, stated, 

“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.”