21 hrs ago
AlphaGrep Raises Another ₹200 Crore Through NCDs
AlphaGrep is an investment company that uses mathematics and technology to manage money.
It raised ₹200 crore by selling a type of investment called non-convertible debentures.
This was the company’s second such fundraising in less than a month.
Its earlier ₹200 crore issue was bought by more than 15,000 investors in under two weeks.
The investors included wealthy individuals and family offices.
AlphaGrep will use the new money to improve its artificial intelligence and machine learning technology.
It will also expand its retail investment business in India.
The company said it plans to launch more investment products soon.
AlphaGrep raised ₹200 crore through a follow-on issue of secured, redeemable non-convertible debentures.
The latest issue brings AlphaGrep’s total NCD funding to ₹400 crore in less than a month.
The first ₹200 crore issue sold out in under two weeks to more than 15,000 investors.
Investors included mass-affluent individuals, family offices and high-net-worth individuals.
The new funds will support artificial intelligence, machine learning and AlphaGrep’s retail business in India.
- Who
- AlphaGrep, a global quantitative investment management firm, raised the funds.
- What
- The firm raised ₹200 crore through a follow-on issue of secured, redeemable non-convertible debentures, taking total NCD funding to ₹400 crore.
- Where
- The fundraising supports AlphaGrep’s operations and retail-facing business in India; the firm also operates in GIFT City, the UK and China.
- When
- The follow-on issue was announced on Wednesday, less than a month after the first issue.
- Why
- The money will fund artificial intelligence and machine learning research and infrastructure and expand AlphaGrep’s retail business in India.
Key facts
- Latest fundraising
- ₹200 crore through secured, redeemable non-convertible debentures
- Total NCD funding
- ₹400 crore
- First issue
- ₹200 crore placed in under two weeks
- Investor participation
- More than 15,000 investors in the first issue
- Credit rating
- Recently upgraded CRISIL A+ rating
- Global assets under management
- More than $2 billion
- Planned uses
- Artificial intelligence and machine learning research, infrastructure, and India retail-business expansion
Quotes
Mohit Mutreja
Managing director and chief executive of AlphaGrep
“The additional capital lets us invest ahead of the curve in some futuristic tech capabilities and keep scaling our mutual fund and retail businesses in India, while remaining disciplined stewards of our balance sheet,”
CNBC TV 18
“far exceeded our expectations”
CNBC TV 18
Sources
Related news
Areion’s Maiden GIFT City Fund Secures USD 50 Million Commitments
Edelweiss Launches ₹300 Crore NCD Issue Offering Up To 10%
Cloud Counselage Plans INR 40 Crore Seed Funding
Avisirah Technologies Raises ₹75 Crore for Navi Mumbai Data Centre
CleanMax Raises ₹2,500 Crore Through Green NCDs
Anthropic Discusses $100 Billion IPO With Nvidia Investment
Foreign Capital Retreats From India Despite Strong Economic Growth
S&P Praises India’s Resilience, Warns of Rising Economic Risks
India Inc Resilient Despite West Asia Conflict and Rate Hikes
Crisil sees resilient India Inc despite monsoon and war risks
