# Multibagg AI

Aiolum story: https://aiolum.com/story/multibagg-ai/ · added 2026-11-11 · updated 2026-11-11

**In short.** Multibagg AI (AI stock research platform for retail investors, India): Over Rs 10 lakh a year recurring revenue, January 2026. Evidence grade D: reported, not verified. Team: 1 founder, a first co-founder who left, and interns from early 2024; headcount not published. Launched April 2024; still running.

AI stock research platform for retail investors · India · AI-native · team of 2 to 10 · still running · group: Finance, risk and compliance

- Outcome: Over Rs 10 lakh a year recurring revenue, January 2026 (evidence grade of the headline number: D; headline in US dollars: 11100)
- Launch: April 2024; months from launch to the outcome: 21
- Team: 1 founder, a first co-founder who left, and interns from early 2024; headcount not published
- Outside funding: Rs 2.15 crore (about US$239,000): Rs 65 lakh from friends and family, Rs 1.5 crore pre-seed led by AJVC
- Main factor: Distribution
- Meters, 1 to 4: evidence strength 1, copyable pattern 2, capital needed 2
- Tags: AI-native, Small team, Funded, Running, B2C, Finance

Links:

- Visit multibagg.ai: https://www.multibagg.ai/
- App Store: https://apps.apple.com/us/app/id6757347449
- Google Play: https://play.google.com/store/apps/details?id=ai.multibagg.www.twa

**The product.** A web platform, with Android and iPhone apps, where a retail investor in India asks an AI assistant called Iris questions about listed companies. Iris answers from company filings, concall transcripts and financial tables. The platform also offers screeners, alerts, a portfolio view and a feed of stock-exchange filings. The company offers a free plan and paid plans.

**Why it worked.** The founder wrote LinkedIn posts almost daily and later a Shark Tank India appearance brought a burst of sign-ups. The company says it has crossed Rs 10 lakh in annual recurring revenue, a claim that no outside source has checked.

Evidence grades: A = disclosed by a public company, a filing or a payment processor, or verified by one; B = two or more independent reports agree, or a journalist confirmed it; C = a founder claim that no one else verified; D = reported, not verified: one founder claim or a third-party estimate with no second source; E = no revenue figure found, so the headline is a non-money fact and the other facts carry their own grades; calc = computed on this page from graded facts.

## Summary

Multibagg AI is an AI-native research platform, which means the AI is the product. It serves people who trade shares listed on the NSE and BSE, the two Indian stock exchanges. A founder note describes Iris as an AI analyst that reads filings, investor presentations and conference-call transcripts. The platform has a free plan and paid plans. Its terms say the platform is for information and research only and does not advise anyone to buy, sell or hold a security.

The founder is Aaditya Aanand. The press piece in source 1 spells it Anand. In an interview on a Razorpay publication he says he worked at American Express and Goldman Sachs. The about page says the company was founded in 2023 in Bengaluru. He started alone, and a first co-founder left. The company reports Rs 65 lakh from friends and family and a Rs 1.5 crore pre-seed round led by AJVC in January 2026.

The headline figure is a company claim. In January 2026 Entrackr wrote that, according to the company, it had crossed 10,000 users and over Rs 10 lakh in annual recurring revenue. The founder made the same ARR claim in a post dated 29 September 2025. No payment-processor profile or buyer confirms it, so the figure is grade D. It is a lower bound, not an exact value.

## Why did Multibagg AI work?

### The founder wrote on LinkedIn almost daily before the product was public

In his note of 9 November 2025 the founder writes that nobody bothered at first, but he kept writing almost daily. He writes that this built a large following on LinkedIn and then on WhatsApp, and that people tried the closed beta. Indian Startup Times, in February 2026, says he has over 35,000 LinkedIn followers.

### A television pitch brought a burst of sign-ups in one week

Indian Startup Times reports 22,000 sign-ups and 8,000 app installs in the week after the Shark Tank India pitch. The article writes, in its own words, that what might have taken a year happened in a week. The article does not give the number of paying customers.

### The assistant answers from filings instead of from the open web

In his launch note the founder writes that Iris does not use the internet as its primary data source. He writes that it uses official company documents and structured financial tables. The company's home page compares this with a general chatbot. The comparison is the company's own.

### Paid plans cost under 5,000 rupees a year beside a free plan

The pricing page shows Pro at Rs 4,499 a year, struck from Rs 11,999, and Max at Rs 4,999 a year. The Standard plan is free, with 20 Iris questions a month. The founder says the first stranger paid 5,000 rupees for an annual subscription in early 2025. A copy of the pricing page from December 2025 showed a Premium plan at Rs 499 a month. No source says how many of the users pay.

## How it was built

These details come from the company's own engineering and founder notes. They are grade C.

- Data: the about page says the data comes from C-MOTS Internet Technologies, Accord Fintech and Finnhub.io. The founder writes that raw data cost more than Rs 30 lakh.
- Search: an engineering post says document chunks are stored in Qdrant, an open-source vector database, with the document ID as a payload field.
- Documents: a second engineering post says the team stopped rendering PDF pages to images and sent PDFs directly to a vision model. Its code imports the OpenAI client.
- Payments: the founder says the first subscription arrived as a Razorpay notification.
- Channels: the founder's LinkedIn posts, a WhatsApp community and an Instagram page, as the home page footer links show.

Sources: [9, 19, 20, 2, 5, 7]

## Who tried this before Multibagg AI, and why did they fail?

Three companies in our database of failed startups tried to give retail investors or lawyers research that a small team of people had done before. The values below are from that database, read on 11 November 2026, and are not independently verified.

The failed startups come from our database of dead startups, retold here in our own words; Its entries are AI-assisted summaries of public sources, so they carry no evidence grade.

### MarketBrief (2011 to 2014; funding US$5.0M; cause: Competition)

- Promise: Real-time market data and personal insights for retail investors, without a financial advisor.
- Why it died: Competitors with better interfaces and broader services outpaced it. Larger firms bundled similar insights with trading. Real-time data was costly.
- Record: 

### SocialPicks (2007 to 2010; funding US$2.5M; cause: Competition)

- Promise: A network that collected users' stock recommendations and showed how they performed.
- Why it died: It never reached the user count it needed. StockTwits moved faster. The 2008 financial crisis reduced interest in new finance companies.
- Record: 

### ROSS Intelligence (2015 to 2018; funding US$13.0M; cause: Competition)

- Promise: An AI research platform that finds case law for lawyers faster than manual search.
- Why it died: Westlaw and LexisNexis held the data and the habits. Buyers did not see the AI as a full replacement. Investors stopped funding.
- Record: 

## What changed

The three failed companies met the same wall: larger firms held the data and the customer relationship. MarketBrief lost to firms that bundled insights with trading. ROSS needed a legal database that others owned.

Multibagg AI differs in two ways that its own pages show. It charges a yearly subscription and says it sells no funds and has no Invest button, in the founder's note of 10 October 2026. It reads public filings, which any company can index. Whether a yearly price of Rs 4,499 pays for the data bills remains unknown, because no cost figure beyond the raw-data purchase is public.

## Can one person copy Multibagg AI now?

**Verdict: The research tool, maybe. The regulated space, only with care.**

A small team can read public filings with a language model and sell the answers by subscription. The evidence for this is one public company claim. The space is regulated in India, and the company's own terms disclaim advice. A copier should read the rules for research analysts and investment advisers first.

1. Build on filings that are public and indexed by company, and show the source next to each answer.
2. Write the legal limit into the terms, and keep the product away from buy and sell calls.
3. Show the free plan first, and put the founder's public writing in front of the first users.
4. Check what the regulator requires before any paid launch.

**What is still open.** Other markets with public filings and few human analysts per investor: smaller exchanges, bonds, and local company registers.

## How much revenue does Multibagg AI make? The numbers, graded

A company claim of over Rs 10 lakh a year in recurring revenue in January 2026. It comes 21 months after the first public site capture and has no outside check

| Fact | Value | Grade | Note | Sources |
|---|---|---|---|---|
| Annual recurring revenue, January 2026 | over Rs 10 lakh (Rs 1,000,000) a year | D | Entrackr, 8 January 2026: "According to the company" it "achieved over Rs 10 lakh in annual recurring revenue". The founder's note dated 29 September 2025 says the company crossed Rs 10 lakh in ARR. | [1, 2] |
| The same figure in US dollars | over about US$11,100 a year, about US$926 a month | calc | Calculated: Rs 1,000,000 divided by 90.02 rupees per dollar (Federal Reserve H.10, 8 January 2026). It is a lower bound because the company said "over". | [1, 21] |
| Users, January 2026 | more than 10,000 | D | Entrackr, 8 January 2026, "according to the company". The founder's note dated 4 December 2025 says the 10,000th investor joined. | [1, 3] |
| Counter on the home page, 11 November 2026 | "Trusted by 100k+ investors" | D | The company's own counter. The pricing page says "100,000+" investors. No source defines what is counted. | [7, 8] |
| First paying stranger | an annual subscription of about 5,000 rupees, early 2025 | D | The founder in an interview on a Razorpay publication, 13 February 2026. In his note dated 29 September 2025 he says it happened "a few months ago". | [11, 2] |
| Funding | Rs 1.5 crore pre-seed led by AJVC, after Rs 65 lakh from friends and family: Rs 2.15 crore in total | C | Entrackr, 8 January 2026. The founder's notes of 5 and 6 January 2026 give the same two amounts. | [1, 4, 6] |
| Funding in US dollars | about US$239,000 in total | calc | Calculated: Rs 2.15 crore (Rs 21,500,000) divided by 90.02 rupees per dollar (Federal Reserve H.10, 8 January 2026). | [1, 21] |
| Founder's own money | about Rs 5 lakh to 10 lakh | D | The founder in the Razorpay publication interview: he bootstrapped the first version with "about 5–10 lakhs from my own savings". | [11] |
| Cost of raw data | more than Rs 30 lakh | D | The founder in his note of 5 January 2026: to build a decent product they had to source raw data "at a cost of more than 30 lakhs". | [4] |
| Shark Tank India season 5 deal | Rs 50 lakh for 1% of the company, a Rs 50 crore valuation | D | Indian Startup Times, 5 February 2026, in an interview with the founder. The article was not checked against the broadcast. | [12] |
| Response in the week after the television pitch | 1.25 lakh visitors, 22,000 sign-ups, 8,000 app installs | D | Indian Startup Times, 5 February 2026, retelling the founder. The article says thousands became paid subscribers and gives no number. | [12] |
| Company start | founded in 2023 | C | The about page: "Founded in 2023 and headquartered in Bengaluru", with a company number (CIN) that carries 2023. The founder's note of 9 November 2025 says he decided to start a company "exactly two years ago". | [9, 5] |
| Earlier name of the product | "Multibagg", with a free sign-up, on 16 April 2024 | C | An Internet Archive copy of the home page has the title "Multibagg - AI-powered stock research and analysis platform" and "Register for Free". The company footer says Finsky Technologies in 2024. | [13] |
| Team | the founder, a first co-founder who left, interns from early 2024; headcount not published | C | Founder's notes of 5 January 2026 and 9 November 2025 and the Razorpay publication interview. The careers page lists one open role, a marketing intern. | [4, 5, 11, 15] |
| Founder's LinkedIn audience | over 35,000 followers | D | Indian Startup Times, 5 February 2026, states this number in its own words. The article names no source for it. | [12] |
| Time from first public site to the January 2026 claim | 21 months | calc | Calculated: April 2024 to January 2026. | [13, 1] |

How to read this table. Grade D means reported and not verified: one company or founder claim. Grade C is a company or founder statement that other pages repeat with the same numbers. A "calc" value was computed on this page. No value is grade A or B.

## Pricing

Multibagg AI prices read on 11 November 2026 from the company's pricing page. They are converted at 93.91 rupees per US dollar (Federal Reserve H.10, rate of 6 November 2026)

| Plan | Per month, billed yearly (US$) | Per month, billed monthly (US$) | Limit |
|---|---|---|---|
| Standard | 0 | 0 | free; 20 Iris questions a month |
| Pro | 3.99 |  | Rs 4,499 a year; 500 Iris questions a month |
| Max | 4.44 |  | Rs 4,999 a year; 1,000 Iris questions a month |

The page shows yearly prices only. Pro is Rs 4,499 a year, struck from Rs 11,999. Max is Rs 4,999 a year, struck from Rs 14,999. It also shows a banner for a Diwali special that saves up to Rs 10,000, with a countdown that read "--:--:--" in the downloaded copy. A copy of the page from 13 December 2025 showed a Premium plan at Rs 499 a month, billed monthly, which is about US$5.31. The monthly figures here are the yearly price divided by 12.

## When did Multibagg AI launch, and how did it grow? Timeline

From a decision to start a company in November 2023 to a funding round and a television appearance in early 2026. Each entry carries its grade.

- **9 November 2023** (grade C [5, 9]): The founder writes later that he decided to start a company two years before his note of 9 November 2025. The about page says the company was founded in 2023.
- **Early 2024** (grade C [4]): He starts to build a team, mostly interns, and to write code. He writes that he paid for raw data from his own money first.
- **16 April 2024** (grade C [13]): An Internet Archive copy shows the product as "Multibagg", with a screener, a market page, Discovery and a free sign-up.
- **Early 2025** (grade D [11]): A stranger buys an annual subscription of about 5,000 rupees. The founder says in 2026 that the company then became a business for him.
- **About mid-2025** (grade D [1]): Entrackr writes in January 2026 that the beta went live "around six months ago".
- **29 September 2025** (grade D [2]): A founder note says the company crossed Rs 10 lakh in annual recurring revenue.
- **24 October 2025** (grade C [16]): A founder note announces Iris, the AI analyst, as launched that day.
- **4 December 2025** (grade D [3]): A founder note says the platform welcomed its 10,000th investor.
- **8 January 2026** (grade D [1]): Entrackr reports the Rs 1.5 crore pre-seed round led by AJVC and the company's claims of 10,000 users and over Rs 10 lakh ARR.
- **5 February 2026** (grade D [12]): Indian Startup Times reports a Shark Tank India season 5 deal of Rs 50 lakh for 1%.
- **11 November 2026** (grade D [7, 8]): The home page shows "Trusted by 100k+ investors" and the pricing page shows Pro at Rs 4,499 a year.

## What could go wrong for Multibagg AI?

- **What is not verified.** The Rs 10 lakh ARR figure rests on one company claim. The founder repeated it in a note of 29 September 2025, and Entrackr reported it on 8 January 2026. No payment-processor profile, filing or buyer confirms it. A reader could look for a Razorpay or accounts statement, or a second press interview with numbers.
- **Regulated use: stock research for retail investors.** The product serves a regulated field. Its terms (updated 27 February 2026) say it does not recommend or advise "whether to buy, sell, hold, or invest in any security". No page read states a registration with the Securities and Exchange Board of India (SEBI) as a research analyst or investment adviser. Indian Startup Times writes, in its own words, that current regulations do not let AI chatbots act as registered investment advisers. The prompting guide suggests asking Iris for a "bullish, neutral or bearish conclusion with a confidence score". The founder's note of 10 October 2026 says the company has no star ratings and no "recommended" list. No source read here says whether SEBI's rules for research analysts apply to answers from Iris.
- **Trust signals the company does not source.** The home page shows "Backed by" with the AJVC logo and three individual names, "Sharktank Featured" in its page title, and a counter "Trusted by 100k+ investors". Entrackr confirms AJVC as the lead investor. Indian Startup Times names one of the three, Aman Gupta, as the investor in the Shark Tank India deal. No press read here names the other two. The pricing page shows about 15 user testimonials as one picture, with no names or photos. One says the subscription money "was paid back in a day", which no source supports. No company page read here states a return or an earnings figure for users.
- **Figures that differ between pages.** Entrackr wrote that users had connected portfolios worth over Rs 5,000 crore. The founder's note of 6 January 2026 says "₹5 billions", which is Rs 500 crore. In January 2026 the company claimed 10,000 users and 50,000 questions to Iris. In November 2026 it shows 100,000+ investors and 1,000,000+ questions. The pricing page then shows "₹1,000 Cr+" of portfolios analyzed, less than the Rs 5,000 crore in Entrackr. The pricing page shows struck list prices and a Diwali banner whose countdown has no date.
- **Earlier name and dates.** The product was called "Multibagg" in April 2024. The founder dates his decision to start in November 2023 but writes in another note that he quit Goldman Sachs in mid-2023. The Razorpay interview puts the first paying stranger in early 2025, while Entrackr dates the beta to about mid-2025.

## Sources

1. Entrackr, 8 January 2026: Equity research startup Multibagg AI raises Rs 1.5 Cr in pre-seed round led by AJVC — https://entrackr.com/snippets/equity-research-startup-multibagg-ai-raises-rs-15-cr-in-pre-seed-round-led-by-ajvc-10980823 (grade D). Read in full. Source for the ARR and user claims, the funding and the founder's title. The figures are "according to the company".
2. Founder's note, 29 September 2025: Milestone: ₹10,00,000 ARR by Multibagg AI — https://www.multibagg.ai/founders-notes/milestone-10-lakh-arr-multibagg-ai-cmk11rppi00002rswufc4p7jp (grade D). Read in full. The founder's own post on the company site. The post dates are as the site shows them.
3. Founder's note, 4 December 2025: Milestone: 10,000 Users of Multibagg AI — https://www.multibagg.ai/founders-notes/milestone-10000-users-multibagg-ai-cmk11nas300002rakxdjo9vhc (grade D). Read in full. Source for the 10,000th user and the founder's words on marketing.
4. Founder's note, 5 January 2026: How did Multibagg AI raise its first round of funding? — https://www.multibagg.ai/founders-notes/multibagg-ai-first-fundraise-cmk116ep800002r78pwicd63o (grade C). Read in full. Source for the interns, the raw-data cost and the friends-and-family round.
5. Founder's note, 9 November 2025: Multibagg AI turns 2 — https://www.multibagg.ai/founders-notes/multibagg-ai-turns-2-cmk123kpb00002rp4p0gw6edw (grade C). Read in full. Source for the start date, the co-founder who left, LinkedIn and WhatsApp and the Razorpay notification.
6. Founder's note, 6 January 2026: Multibagg AI raises ₹1,50,00,000 pre-seed led by AJVC — https://www.multibagg.ai/founders-notes/multibagg-ai-pre-seed-ajvc-cmk2admot00002rus793iszxy (grade C). Read in full. Source for the pre-seed amount and the "₹5 billions" portfolio figure.
7. Multibagg AI home page, read 11 November 2026 — https://www.multibagg.ai/ (grade C). Read in full as text. Source for the counters, the "Backed by" row, the page title and the comparison with a general chatbot.
8. Multibagg AI pricing page, read 11 November 2026 — https://www.multibagg.ai/pricing (grade C). Read in full as text. Source for the plans and prices, the counters, the app store badges and the testimonial picture, which was downloaded and viewed.
9. Multibagg AI About Us, last updated 27 February 2026 — https://www.multibagg.ai/metadata/about-us (grade C). Read in full. Source for the founding year, the company name and the data providers.
10. Multibagg AI Terms and Conditions, last updated 27 February 2026 — https://www.multibagg.ai/metadata/terms-and-conditions (grade C). Read in full. Source for the statement that the platform gives no investment advice.
11. Razorpay Rize, 13 February 2026: The Story of Aaditya & Multibagg AI (second half of the title) — https://rizevault.razorpay.com/p/a-small-town-journey-that-reached (grade D). Read in full. A first-person interview with the founder. Source for his earlier employers, his own savings and the first paying stranger.
12. Indian Startup Times, 5 February 2026: From Munger to Shark Tank India: How Aaditya Aanand Is Building Institutional-Grade Investing for India’s Retail Users with Multibagg AI — https://www.indianstartuptimes.com/interviews/from-munger-to-shark-tank-india-how-aaditya-aanand-is-building-institutional-grade-investing-for-indias-retail-users-with-multibagg-ai/ (grade D). Read in full. An interview article. Source for the Shark Tank deal, the week of sign-ups and the regulation remark.
13. Internet Archive copy of the home page, 16 April 2024 — https://web.archive.org/web/20240416052140/https://www.multibagg.ai/ (grade C). Read in full as text. Source for the earlier name and the early product.
14. Internet Archive copy of the pricing page, 13 December 2025 — https://web.archive.org/web/20251213074812/https://www.multibagg.ai/pricing (grade C). Read the plans and the price. Source for the Premium plan at Rs 499 a month.
15. Multibagg AI careers page, read 11 November 2026 — https://www.multibagg.ai/careers (grade C). Read in full. Shows one open role and the "Shark Tank India S5" badge.
16. Founder's note, 24 October 2025: Iris by Multibagg AI — https://www.multibagg.ai/founders-notes/iris-by-multibagg-ai-cmk10vftb00002rpgatxhnalo (grade C). Read in full. Source for the Iris launch and its data sources.
17. Founder's note, 3 November 2026: How to Ask Iris — https://www.multibagg.ai/founders-notes/ask-iris-prompting-guide-cmw0zcm1q0000qc2rb5tfl35k (grade C). Read the FAQ section. Source for the suggested "bullish, neutral or bearish" prompt.
18. Founder's note, 10 October 2026: We don't sell mutual funds — https://www.multibagg.ai/founders-notes/we-dont-sell-mutual-funds-cmv28hfzv000307l8jy38k95k (grade C). Read in full. Source for the statements about star ratings, a recommended list and how the company earns.
19. Multibagg AI engineering post: Why a 0.86 ms Qdrant Query Timed Out at 60 Seconds — https://www.multibagg.ai/engineering/qdrant-filter-timeout-should-branch-payload-index (grade C). Read the introduction and the code. Source for the use of Qdrant.
20. Multibagg AI engineering post: Send PDF directly to a vision LLM — https://www.multibagg.ai/engineering/send-pdf-directly-to-vision-llm (grade C). Read the sections that name the model client. Source for the OpenAI client in the code.
21. Federal Reserve H.10, historical rates for the Indian rupee, release of 9 November 2026 — https://www.federalreserve.gov/releases/h10/hist/dat00_in.htm (grade A). Read the rates of 29 September 2025 (88.76), 8 January 2026 (90.02) and 6 November 2026 (93.91).
22. Database of failed startups, local export — /method/#dead (grade C). Record pages read on the website on 11 November 2026. AI-written summaries, not independently verified. Source for the failed predecessors.

Contact: aiolum@livyden.com. Run Multibagg AI? Send corrections or a verified figure to aiolum@livyden.com (subject: Correction: Multibagg AI).