Algorithmic Trading Platform Algobulls Raises Undisclosed Amount From Venture Catalysts
The fresh capital will be used for setting up teams in various divisions and to scale its operation in foreign lands
Venture Catalysts, an integrated incubator and accelerator, on Tuesday announced that it has led an undisclosed amount in AlgoBulls, an algorithmic trading platform.
Mumbai-based Algobulls was founded by Pushpak Dagade, Jimmit Patel and Suraj Bathija last year, and claims to provide a 100 per cent automated, customized, and professional experience of trading in stock markets to all. Leveraging algorithm, the startup imparts required information to people to trade and clinch profit. It boasts of providing an end-to-end solution to its users with ready-to-use strategies and market knowledge in an automated form without requiring any manual intervention.
Commenting on the investment, Pushpak Dagade, founder, Algobulls said the fresh capitals will be utilized for setting up teams across technology and operations division and sales and marketing. Apart from this, the capital will also be used to scale its operations in foreign land like the US.
The startup charges a small transactional fee per transaction and no upfront cost from its clients. However, the transactional fees change depending on the complexity involved and work hours put in place in case of a customized strategy.
The startup in the B2C space provides features such as backtesting, paper trading and real trading along with an algo strategy marketplace and professional strategy build. In the case of B2B, Algobulls offers white label solutions, trade replication service, webhooks and others.
Commenting on the investment, Apoorv Ranjan Sharma, co-founder and president of Venture Catalysts, said, "AlgoBulls is a classic example of innovators using the power of technology for simplifying people's lives. Their AI-driven, automated, and customizable 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. We hope that the investment will help the founding team with their future plans of expansion and development to thrive in the extensive and challenging financial market."
Venture Catalyst typically invests between $250,000 and $1.5 million in early stage start-ups.