Altitude Raises Undisclosed Amount with Support from Prominent Investors
- ByStartupStory | October 4, 2023
Financial services platform Altitude has successfully secured an undisclosed amount of funding in a round that featured the participation of over 40 distinguished investors, including notable figures from Swiggy/DineOut, Yes Bank, Good Glamm Group, Robinhood, and Wipro. This infusion of capital will fuel the launch of Altitude’s flagship product, Altitude Prism, a Structured Fixed Income Instrument, with plans for listing on the National Stock Exchange. Altitude Prism is designed to generate returns ranging from 16% to 18%.
Krishna Maggo, Founder of Altitude, expressed enthusiasm for the funding round, stating, “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 realizing that mission.”
Part of the funds will be allocated towards bolstering Altitude’s leadership in fund and risk management teams. Altitude’s vision is to transform the investment landscape by offering high-yield investment instruments that promise exceptional returns while introducing key features like diversification and early liquidity.
Altitude’s objective is to create a financial ecosystem that provides superior investment opportunities and broad accessibility. The platform offers a unique class of alternatives that go beyond traditional corporate and NBFC bonds. The differentiating factor is its commitment to delivering annual yields of 16% to 18%, significantly surpassing conventional fixed-income products.
The Prism Fund, Altitude’s debut offering, comprises diverse holdings sourced from private market opportunities that were historically unavailable to individual investors. India’s alternative investment landscape has grown substantially in recent years, and Altitude aims to meet the demand for higher returns in a market where investors have long sought better options than the 8% to 11% annual yields typically available.
Altitude is led by a seasoned team of investment professionals with extensive experience, including backgrounds at prestigious entities like IND Money, Bank of America, and Kotak Private Bank. The funding received and Altitude’s innovative approach position it to set new industry standards and address gaps in India’s investment landscape, according to Gaurav Sharma, an investor in Altitude and a former Vice President at INDMoney.
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