DSK Legal advised & assisted Wyridian Advisors in seed funding round of USD 1.2 million

By LE Desk

New Delhi, June 23, 2021: Leading law firm DSK Legal advised and assisted Wyridian Advisors Private Limited and its Founders in their seed funding round of USD 1.2 million led by leading investors Venture Capital fund Endiya Partners, veteran stock market expert Vijay Kedia, Ajay Nanavati, chairman of Quantum Advisors and Gopichand Katragadda, CEO of Myelin Foundry.

The Company, founded by Atanuu Agarrwal, Kanika Agarrwal and Nihil Hooda, is a SEBI registered portfolio manager (PMS) that started business operations in 2017 under the brand name Upside AI using a proprietary technology platform and machine based learning to help decision making for investing in securities markets in India. 

The scope of work for DSK Legal involved drafting, filing and liaising with SEBI for seeking consent of SEBI for conversion of the Company from an erstwhile limited liability partnership to a private limited company, and drafting, negotiating and finalising Share Subscription Agreement and Shareholders Agreement for the investment by the Investors in the Company, it said in a statement. 

The Law Firm also assisted in completion of conditions precedent to the transaction; revising and finalising employment agreement, ancillary agreements and closing documents for completion of the transaction; and assisted and provided secretarial support in relation to various filings with the Registrar of Companies for the transaction.

The DSK Legal team comprised of Associate Partner Jayesh Kothari, Senior Associate Rajlaxmi Kale and Associate Kunal Chopra. Partner Hemang Parekh acted as engagement partner and provided strategic inputs on the deal, the Law Firm said.

“The Company is keen to bring technology based investing model to India, which is fairly well recognised in developed jurisdictions,” the press statement said. 

Today, Upside AI ranks among the top-performing PMS in India delivering 71 per cent cumulative returns since 2019. In June 2021, PMS AIF World ranked Upside AI Multicap in the top 10 products of its peer group, it said.

Endiya Partners was advised and assisted by Indus Law, Delhi.