Bengaluru-based Investment tech startup AsknBid has raised an undisclosed amount in a recent round of funding carried out by Mumbai Angels [MA] Network and other external angel investors. The investment was led by Ravikanth Reddy, Partner, Regentway Ventures. Regentway is a Hyderabad based family office that invests in Deep Tech companies.
Commenting on the funding, Ravikanth said
Our family office has been tracking deep-tech innovations in global capital markets for years and foresee several whitespaces in India in this regard. I’m happy to be associated in the growth story of AsknBid. We have a strong belief that technology will have a deeper say in the Indian Markets in the coming few years and are excited to back the talented team at AsknBid in this mission.
The startup builds Algorithmic Investing based tech products and has recently launched Lambda – a tournament for quant researchers to research & submit trading strategies and compete with peers around the globe for cash prizes. The company will soon be launching competitions for the Indian Stock Market. AsknBid was founded in 2018 by Suresh Bavisetti and Paarth Dhar.
Speaking about the fundraise, the founders said
We are excited by the set of Investors & Advisors that we have on board. Not only do they bring Industry expertise & experience, but also passionately believe in the vision of the company. Algo – Investing is still in its infancy in Indian Markets and we believe that India will see multiple players & products emerging in this space over the next few years.
The company said it will be utilizing the money for scaling up the research platforms of the company and strengthening existing technology systems.
Nandini Mansinghka, Co-promoter and CEO Mumbai Angels Network, commented
We are happy to welcome AsknBid in our expanding diversified portfolio. We are seeing increasing activity in AI-based Algo-Trading space and are hoping that AsknBid becomes a star in our Al-ML portfolio. We are extremely bullish about participating in this industry defining the near future.
The company had previously on-boarded Industry veteran Vinod Chandrashekaran as an Advisor and is also part of the Nvidia Inception Program for ML / DL startups.