Mumbai, 11th October 2022: Quant and AI-driven Investment Advisor Wright Research announced today that it has raised 1 million dollars as seed capital from Orios Venture Partners. The company plans on using these funds for business expansion, bolstering the technology stack, and accelerating its foray into institutional fund management.
Wright Research is a Robo-advisory firm founded in 2019 by IIT Kanpur graduate Sonam Srivastava. Armed with years of experience in quant and algorithmic trading, Sonam founded Wright Research to empower the broader Indian audience with the benefits of well-designed quantitative and AI-driven investment algorithms. In addition, the consistently high-performing strategies the firm offers have made them a favorite among many early adopters. As a result, the company boasts of 40,000+ lifetime subscribers and close to 200 crores in assets under advisory.
Wright Research has previously raised a pre-seed round with BSE Institute Startup Incubator BRTSIF via the Government of India Nidhi Seed Support System. They have also added accredited HNI investors Varun Jalan ex-Mckinsey and Karan Maheshwari of Maheshwari Investments as advisors for the institutional product. Sonam comes with ten years of experience in quantitative investment and trading at large institutional investment firms like HSBC, Edelweiss, and Qplum. In addition, she is globally recognized for her research in machine learning in finance.
Wright Research is a wealth-tech startup that operates purely digitally in a highly transparent fashion. With the new funds, the startup will bolster its execution technology and client experience, push for building a wider community of subscribers, and also start its foray into Portfolio Management Services and Alternative Investing with the appropriate SEBI licenses.
Recently, the company launched its app to bring out its unique message to its target audience and to present the best experience to the end client. The new product has an end-to-end client experience, from onboarding to execution.
Speaking on the announcement, Sonam Srivastava, Founder, Wright Research said, “The Indian market has myriad opportunities, which come and go dynamically, which is why well-researched and risk-managed quantitative investment strategies can really flourish here. We have seen the power of the rising retail investor in India who increasingly trusts technology. We are committed to providing our investors with an enhanced investment experience powered by quantitative research and a dedicated and transparent approach. We happen to make great strategies that have flourished in the last few years, which helps us in our mission.”
“We are excited to partner with Sonam on her journey to provide a quant based hedge fund approach to retail investors and believe that this represents an extremely sophisticated strategy in investments thus far available only to high ticket size investors. We’re happy to support her in the democratisation of this strategy, which has become a powerful trend in finance due to distribution via digital ecosystems” said Rajeev Suri, Managing Partner at Orios Venture Partners.
Robo investing is a field of investing where the whole process, from client interaction to research and execution, is done using the power of technology and data. The adoption of Robo investing is highly linked to the Fintech industry's growth. Only when people start trusting their phone to make payments will they trust it to make investments. This pattern has been seen globally, where platforms like Wealthfront and Betterment have flourished in the US as fintech got more assertive. Similarly, startups in China like BangNiTou have increased to take over the traditional markets as fintech expands. A country like India, which has adopted Fintech only in the last five years, is a ripe playing ground for Robo advisory.
