Mumbai-based algorithmic trading platform AlgoBulls has raised $2 million in its pre-series A funding round led by Venture Catalysts, DSP Group, Findoc Finvest and LetsVenture.
The company will utilise the proceeds of this investment round to develop products and technology. Additionally, it will hire experienced traders as strategists.
Prior to this investment, the company raised an undisclosed amount from Venture Catalysts in 2020, VCCircle reported.
Commenting on the development, Pushpak Dagade, the founder and CEO of AlgoBulls, said, “We believe that our strategic investors will help us to understand 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, and prop-desks to manage their liquid funds through fixed-income products.”
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On the other hand, Apoorva Ranjan Sharma, the founder of Venture Catalysts, added, “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.”
Founded by Pushpak Dagade, Suraj Bathija and Jimmit Patel in 2019, the AlgoBulls is known for utilising algorithms to provide automated trading.
Since its inception in 2016, Venture Catalysts has invested in companies including BluSmart, Klub, Kala Gato, Melorra and others. In an interview with VCCircle, Sharma said that the portfolio companies crossed $50 million in valuation this year.
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