AlgoBulls Technologies Pvt Ltd, an algorithmic trading platform focussed on stock markets, has raised an undisclosed sum in a fundraising exercise.
The round in Mumbai-based AlgoBulls has been led by startup incubator and accelerator Venture Catalysts, which has been one of the most active early-stage investors in the country this year.
AlgoBulls was set up last year by Pushpak Dagade, Jimmit Patel, and Suraj Bathija. The company says its platform utilises algorithms to provide fully-automated, customised and professional stock-trading experiences.
The company says it operates on a software-as-a-service (SaaS) basis, and provides features including backtesting, paper (virtual) trading and real trading in its business-to-customer (B2C) segment.
In its business-to-business segment, it offers white-label solutions, trade-replication services, webhooks, and developer options.
AlgoBulls will use the capital it has raised to set up and build out teams in divisions including technology, operations, sales, and marketing, Dagade said. It will also explore expansion opportunities in countries such as the United States.
“Their AI-driven, automated, and customisable services have the potential to transform the trading experience for millions of users. By handling the complex coding itself, it leaves users with more time to focus on strategy algorithm,” Venture Catalysts co-founder and president Apoorva Ranjan Sharma said.
The investment in AlgoBulls marks the latest startup bet by Venture Catalysts, which also operates an investment vehicle – the 9Unicorns Accelerator Fund – that hit its first close at Rs 100 crore (around $13.7 million) in September.
The incubator and accelerator was set up in 2015 by Sharma, Anuj Golecha, Anil Jain and Gaurav Jain. It invests between $250,000 and $1.5 million in early-stage startups and provides networking opportunities and mentoring to its portfolio companies.
Some of its recent investments include AI-based culinary platform Klovechef, beverage brand BrewHouse Tea Brewing Co., employee service desk platform Rezolve.ai, retail-technology startup Gully Network, electric vehicle charging services startup Charge+Zone and business-to-business healthcare product distribution platform Biddano.