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Friday, April 19, 2024

Algobulls raises $2M to invest in its tech infra & product offerings

Investment Tech Startup Algobulls has secured  $2 million in funding. The company will use the money to invest in tech infra, and product offerings.

Venture Catalysts group, India’s integrated incubator and top early-stage investment platform for companies, led a $2 million investment in AlgoBulls, a fully automated algorithmic trading platform and fixed-income securities distribution network for retail market players.

The Indian financial behemoth DSP Group, Findoc Finvest by Hemant Sood and Nitin Shahi, LetsVenture, Dishant Milan Parikh from Jainam Broking, Yuvraj Thakker from BP Wealth & Fort Capital, Sharath Kumar (former Managing Director and Chief Executive Officer of India, Tower Research Capital), among other funds and family offices, were also participants in the round, according to a statement from AlgoBulls.

Pushpak Dagade, CEO and founder of AlgoBulls, says, “We are confident that our strategic investors will aid us in better comprehending retail customer behaviour and its uptake in the final mile. This will enable us to improve both the user experience and the life cycle of the product.”

He stated that the business intended to use the present fundraising to significantly invest in its goods and technology and maintain its mission to produce them of the highest calibre while being affordable for retail.

Additionally, he added, “the present capital raising will allow us onboard additional experienced traders as strategists, integrate extensively with more brokerage companies, and grow into the foreign markets.

He said that the company would also be focusing on major corporate treasuries, fund houses, large-funded startups, family offices, and prop-desks as part of alternate channel sales to manage their liquid capital through fixed-income products.

Dagade continued, “We firmly believe that the growth prospects are tremendous in the short term.AlgoBulls will be able to take advantage of significant market prospects and completely transform the investing and trading industries thanks to the cooperation of all of our key investors and funds.”

AlgoBulls is a cutting-edge trading platform for retail investors, situated in Mumbai, Maharashtra, and founded by Pushpak Dagade, Suraj Bathija (Chief Strategy Officer), and Jimmit Patel (Chief Operating Officer) in 2019.

More than 55% of Indians with demat accounts may access AlgoBulls’ algorithmic trading tools thanks to its interface with over 35+ major brokerage companies and access to exchanges including the NSE, BSE, MCX, Nasdaq, and NYSE.

Additionally, AlgoBulls is capable of delivering Fixed Income products, such as government securities (G-Secs), in any demat account across any of the 3000+ brokerage firms in India.

Source: https://inc42.com/buzz/investment-tech-startup-algobulls-raises-funding-from-venture-catalyst-others/

AlgoBulls was organically acquired, and it currently has more than 25,000 customers.

Its offerings include retail algorithmic trading via ready-to-deploy strategies created by fusing clever, artificial intelligence (AI)-driven technology with trading knowledge.

Through its platform, it also gives users the ability to create their own tactics and even gives them the chance to monetize their knowledge.

“Traditional trading is being disrupted by the breakthrough made possible by technological breakthroughs, and AlgoBulls is leading this revolution with creative solutions driven by cutting-edge technology and AI,

Apoorva Ranjan Sharma, the founder of Venture Catalysts, said: “It gives us great pride to having led this fundraising round, and we want to get the most out of this relationship to capitalise on future prospects.”

According to the claim, the elusive, complex, and volatile nature of capital markets makes it difficult to engage in profitable trading because of a lack of reliable information, inconsistencies, delays, and a general lack of trading time.

In such a market, AlgoBulls is democratising algorithmic trading by utilising state-of-the-art technology and ready-to-use prop desk tactics.

The market for algorithmic trading is anticipated to expand from $11.1 billion in 2018 to $18.8 billion in 2024, at a compound annual growth rate of 11.1 percent.

AlgoBulls provides institutional-style trading tactics developed by fund managers and experts to mass-market participants.

It should be noted that AlgoBulls provides fixed-income securities for retail investors in the fixed income market, focusing on the preservation of capital and income through investments in bonds, non-convertible debentures (NCDs), and G-Secs for new entrants from retail. Returns on these securities range from 7% to 14% annually.

AlgoBulls’ tech-driven platform enables speedy settlements and offers a variety of Bonds/NCDs/G-Secs to pick from, allowing customers to start investing with as little as INR 1,000 ($12.14).

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