Mumbai: Upside AI, a SEBI registered investment management start-up 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.
- 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
The company was founded on the belief that technology will make better investing decisions than humans over the long term. This is because machines are unbiased, unemotional, and unaffected by market euphoria and panic. It is therefore focused on building products that follow a rules-based, systematic approach to investing.
Upside AI’s first few products focus on equity investing using proprietary machine learning algorithms to understand, recognize, and buy companies that are fundamentally good businesses. Founded in Dec 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 Jul-19. It is registered with SEBI as a Portfolio Management Service (PMS).
Today, Upside AI ranks among the top-performing PMS’ in the country delivering 71 per cent cumulative returns since Jul 2019. In Jun 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 INR 55 crore with funds from several HNIs, and family offices.
Upside AI aims to build India’s first end-to-end tech-led asset management company. It plans to use tech to run the entire chain from client onboarding to sophisticated investment tech to live tracking and reporting via a seamless UI/UX experience for clients. The funds raised will be used to hire senior sales talent with experience in the space, and hire best-in-class product engineers.