AlgoBulls Technologies Pvt. Ltd, an algorithmic trading platform focussed on stock markets, on Tuesday said it has secured pre-Series A funding of $2 million (around Rs 18 crore) led by existing investor Venture Catalysts.
The round also saw participation from financial services firm DSP Group, LetsVenture, Hemant Sood and Nitin Shahi (Findoc Finvest) as well as Sharath Kumar (former Tower Research Capital’s India executive), among other funds and family offices.
The Mumbai-based startup will use the fresh capital to scale up its products and technology, rope in more talents and expand global footprint.
AlgoBulls, established by Pushpak Dagade, Suraj Bathija and Jimmit Patel in 2019, is a platform which utilises algorithms to provide fully automated, customized and professional stock-trading experiences.
The company says it operates on a software-as-a-service (SaaS) basis, and provides features including back-testing, paper (virtual) trading and real trading in its business-to-customer (B2C) segment.
In 2020, it had raised an undisclosed sum in a round led by Venture Catalysts.
“We believe that our strategic investors will help us in understanding the retail user behaviour and its adoption at the last mile. As a part of alternate channel sales, we will also be targeting large corporate treasuries, fund houses, large-funded startups, family offices, prop-desks to manage their liquid funds through fixed-income products,” said co-founder and chief executive Pushpak Dagade.
“The breakthrough facilitated by the advancements in technology are disrupting traditional trading, and AlgoBulls leads this revolution with innovative solutions powered by cutting-edge technology and AI,” said Apoorva Ranjan Sharma, Founder, Venture Catalysts.
Founded by Sharma, Anil Jain, Anuj Golecha and Gaurav Jain in 2016, Venture Catalysts group has invested in companies including BluSmart, Klub, Melorra, Kala Gato, Mitron TV, Rage Coffee, Power Gummies, Coutloot, Prescinto, Resolve AI, Toch, Zingbus, RoundLabs, and Stage.
In an interaction with VCCircle last month, Sharma said that Venture Catalysts Group's 54 portfolio companies have crossed $50 million in valuation this year.