Upside AI raises $1.2 million seed round funding led by Endiya Partners, BFSI News, ET BFSI



Upside AI, a SEBI registered portfolio management service (PMS) has raised a seed round of $1.2 million, led by VC fund, Endiya Partners. 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 2017, it spent a year in beta and went live with its products to external investors in July 2019. “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 5 hedge funds in the world are quant funds. 5-10 years from now this will play out in India too and we are excited to be at the forefront of this movement.” commented Atanuu Agarrwal, Cofounder, Upside AI. “Over the next couple of years, we want to add 1,000 HNIs, family offices, and institutional clients and grow to INR 1,000cr AUM. We believe the funding and guidance from Endiya and our esteemed angel investors will propel us towards this milestone.” he added.

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 lead investor in this round, Sateesh Andra, Managing Director, Endiya said: “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 them build a robust pipeline of differentiated tech products and a network of large distributors, wealth managers, brokers, and IFAs.”

Upside AI has delivered 71% cumulative returns since July 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 55cr with funds from several HNIs, and family offices.