Gumption Labs to raise $1m VC fund

Gumption Labs to raise $1m VC fund
Gumption Labs Software Solutions, India’s first artificial intelligence (AI) based algorithmic platform that automates the investments options, will be looking at raising about $1 million from Venture capitalist or about $900,000 angel funding in the coming months to reach out to more customers.

Started in 2010, Gumption Labs monitors and re-balances financial investments using AI Algorithms through two of its signature products — Traders Cockpit and Fund Expert. Speaking to DH, Amit Sharda, Co-Founder of Gumption Labs said, “At present, we have 70,000 users, who are being helped through tools like real time screening, charts, backtesting systems and mining humongous data. Of which, 10,000 are active users and 2,000 are subscribers to our services.”

Currently, it has signed two major deals with brokerage firms that are having investors in the range of 5,000- 20,000. Commenting on target for the year, he said, “We will be looking at closing five deals in the next six months.”

In coming years, Gumption Labs is planning to scale up other geographies and expand its base in Europe in near future. Sharda further said, “Our aim is to provide easy and hassle-free investment options to each individual, who would want to invest, monitor and redeem but needs hand-holding and choice to make informed decisions with the hard-earned money.”

The company, with a team of 18, has been conducting corporate training on financial markets and advance concepts. In the last three years, it has organised 150 paid workshops to provide quality and affordable research and analysis tools enabling investors to make informed decisions while dealing with financial markets. The company is looking at touching Rs 2.5 crore revenues by 2018, as it has already generated Rs 1.5 crore for the year ending March 31, 2016.

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