Banking News

Altitude raise funds from founders, CXOs of Swiggy, Yes Bank, Good Glamm, Robinhood, and Wipro among others

Altitude has raised an undisclosed amount from investors including founders, CXOs and leaders from Swiggy, DineOut, Yes Bank, Good Glamm Group, Robinhood, and Wipro among forty such institutions.

The financial services platform offers alternative investment tools, and funds raised will help accelerate the launch of its flagship product Altitude Prism, a structured fixed income instrument, which the company aims to list on the National Stock Exchange, it said in a statement.

“At Altitude, we are on a mission to expand the fixed income horizon with safe and high-yield investment instruments. The funding we have raised is an important milestone in realising that mission,” said Krishna Maggo, founder, Altitude.

Part of the funds will be used to strengthen leadership in fund and risk management teams. Altitude said it aims to create a financial ecosystem with superior investment opportunities and making this ecosystem accessible to a wider audience. On the Altitude platform, investors will find a new class of alternative that are beyond the usual corporate and NBFC bonds.

“The interest from investors is a reflection of their endorsement of Altitude’s vision to transform the investment landscape.We’re certainly not just another run-of-the-mill fixed yield investment platform peddling mundane bonds, invoice discounting, or lease finance options. We are crafting high-yield investment instruments that not only promise exceptional returns on traditional assets but also introduce essential features such as diversification and early liquidity,” added Maggo.

The platform will cater to both existing and new investors. The key differentiator between Altitude and other investment platforms is that it offers annual yields of 16 -18%, a delta of 4-5% over conventional fixed-income products.India’s alternative investment landscape has grown seven times in the past five years. Indian investors have been confined to annual yields between 8% to 11% for years and Altitude aims to bridge this gap in the market with its investment instruments. The company is led by a team of investment professionals from prestigious entities like IND Money, Bank of America, Kotak Private Bank etc; holding over a decade of experience in effectively managing funds surpassing Rs500 crore.”In a market where investors have long hungered for better returns, Altitude’s commitment to transforming the investment landscape with safe and high-yield instruments, exemplified by the upcoming Prism fund offering 16-18% yield, couldn’t be timelier. With Altitude’s recent funding and innovative approach, it is poised to set new industry benchmarks and bridge the gap in India’s investment landscape,” said Gaurav Sharma, an investor in Altitude and a former vice president at INDMoney.

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