DSK Legal advised and assisted Wyridian Advisors Private Limited (“Company”) and its founders Mr. Atanuu Agarrwal, Ms. Kanika Agarrwal and Mr. Nihil Hooda (collectively referred to as “Founders”) in their seed funding round of USD 1.2 million led by leading Venture Capital fund Endiya Partners, veteran stock market expert Mr. Vijay Kedia, Ajay Nanavati, chairman of Quantum Advisors (previously chariman of Synidcate Bank) and Mr. Gopichand Katragadda, CEO of Myelin Foundry and ex-CTO of Tata Group (collectively referred to as “Investors”). 

The Company is a SEBI registered portfolio manager (“PMS”) having business operations since 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 Company is keen to bring technology based investing model to India, which is fairly well recognised in developed jurisdictions.  

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

The scope of work for DSK Legal involved the following:

  1. 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;
  2. Drafting, negotiating and finalizing Share Subscription Agreement and Shareholders Agreement for the investment by the Investors in the Company;
  3. Assisting in completion of conditions precedent to the transaction;
  4. Revising and finalizing employment agreement, ancillary agreements and closing documents for completion of the transaction; 
  5. Assisting and providing secretarial support in relation to various filings with the Registrar of Companies (“ROC”) for the transaction. 

DSK Legal team comprised of Mr. Jayesh Kothari (Associate Partner), Ms. Rajlaxmi Kale (Senior Associate) and Mr. Kunal Chopra (Associate).

Mr. Hemang Parekh (Partner) acted as engagement partner and provided strategic inputs on the deal. 

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