AlgoBulls, a fully automated algorithmic trading platform, has raised $2 million in its pre-Series A round led by Venture Catalysts. DSP Group, Findoc Finvest by Hemant Sood and Nitin Shahi, LetsVenture, Dishant Milan Parikh, Yuvraj Thakker, Sharath Kumar, among other funds and family offices have also participated.
The proceeds will be used for products and technology. Also, the current fundraise will help the platform to onboard new experienced traders as strategists, integrate with more broking houses, and expand into the international markets, the company said in a press statement.
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Founded by Pushpak Dagade, Suraj Bathija, and Jimmit Patel in 2019, AlgoBulls offers fixed-income securities with returns ranging from 7% to 14% per annum for retail in a fixed income marketplace, NCDs and G-Secs for new entrants from retail. The platform enables mass-market investors to access sophisticated, institutional-style trading strategies crafted by fund managers and professionals.
The Mumbai-based startup claims to have more than 25,000 clients till date. Its products include algorithmic trading for retail through ready-to-deploy strategies generated by combining smart, AI-driven technology and trading expertise. It also allows users to build their own strategies via its platform and even provides them with an opportunity to monetise their expertise.
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Early-stage investment firm Venture Catalysts claims to have funded 176 companies to date through a network of HNIs, Family Offices, CXOs, and others. Its portfolio includes Beardo, Airmeet, BharatPe, Blu Smart Mobility, Coutloot, and ClearDekho among others. It recently backed e-commerce marketplace OneGreen.
In September, The Confederation of Real Estate Developers’ Associations of India (CREDAI) and Venture Catalysts partnered to set up a $100 million proptech fund to invest in startups bringing in innovative disruption in the real estate sector.