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AI stock research platform for retail investors · India

Multibagg AI: Revenue, team and how it was built

Small teamFundedB2CFinance

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.Added

Outcome
Over Rs 10 lakh a year recurring revenue, January 2026
Evidence
D reported, not verified
Launch
April 2024
Status
Still running
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 channel
Founder's posts and audience
Reported, not verified

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. The headline number is grade D: one claim or one estimate, with no second source. Aiolum shows it because the story is useful, and marks it so that it is not mistaken for a verified figure.

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.

Multibagg AI: Over Rs 10 lakh a year recurring revenue, January 2026. AI stock research platform for retail investors, India, team of 2 to 10, evidence grade D.
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01

Why did Multibagg AI work?

Four causes, in the order they mattered. Each one is a reusable lesson.

01

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.

02

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.

03

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.

04

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. [9, 19, 20, 2, 5, 7]

  • 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.

Tools named in the sources

Each one opens its page in the Tools tab, with every story that uses it.

02

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.

Died 2011 to 2014Burned US$5.0M

MarketBrief

The 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.

Competition
Died 2007 to 2010Burned US$2.5M

SocialPicks

The 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.

Competition
Died 2015 to 2018Burned US$13.0M

ROSS Intelligence

The 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.

Competition

The failed startups come from our database of 1,749 dead startups, retold here in our own words. Its entries are AI-assisted summaries of public sources, so these cards carry no evidence grade.

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.

03

Can one person copy Multibagg AI now?

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.

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

  1. 1Build on filings that are public and indexed by company, and show the source next to each answer.
  2. 2Write the legal limit into the terms, and keep the product away from buy and sell calls.
  3. 3Show the free plan first, and put the founder's public writing in front of the first users.
  4. 4Check what the regulator requires before any paid launch.
04

How much revenue does Multibagg AI make?

Each row shows the evidence grade and the source numbers from the list at the end of this page. The grades are explained in How Aiolum verifies.

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
FactValueGradeHow we knowSources
Annual recurring revenue, January 2026over Rs 10 lakh (Rs 1,000,000) a yearDEntrackr, 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 dollarsover about US$11,100 a year, about US$926 a monthcalcCalculated: 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 2026more than 10,000DEntrackr, 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"DThe company's own counter. The pricing page says "100,000+" investors. No source defines what is counted.[7, 8]
First paying strangeran annual subscription of about 5,000 rupees, early 2025DThe 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]
FundingRs 1.5 crore pre-seed led by AJVC, after Rs 65 lakh from friends and family: Rs 2.15 crore in totalCEntrackr, 8 January 2026. The founder's notes of 5 and 6 January 2026 give the same two amounts.[1, 4, 6]
Funding in US dollarsabout US$239,000 in totalcalcCalculated: 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 moneyabout Rs 5 lakh to 10 lakhDThe founder in the Razorpay publication interview: he bootstrapped the first version with "about 5–10 lakhs from my own savings".[11]
Cost of raw datamore than Rs 30 lakhDThe 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 dealRs 50 lakh for 1% of the company, a Rs 50 crore valuationDIndian 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 pitch1.25 lakh visitors, 22,000 sign-ups, 8,000 app installsDIndian Startup Times, 5 February 2026, retelling the founder. The article says thousands became paid subscribers and gives no number.[12]
Company startfounded in 2023CThe 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 2024CAn 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]
Teamthe founder, a first co-founder who left, interns from early 2024; headcount not publishedCFounder'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 audienceover 35,000 followersDIndian 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 claim21 monthscalcCalculated: 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.

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)
PlanPer month, billed yearly (US$)Per month, billed monthly (US$)Limit
Standard00free; 20 Iris questions a month
Pro3.99Rs 4,499 a year; 500 Iris questions a month
Max4.44Rs 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.

05

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

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.

  1. 9 November 2023CThe 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. [5, 9]
  2. Early 2024CHe starts to build a team, mostly interns, and to write code. He writes that he paid for raw data from his own money first. [4]
  3. 16 April 2024CAn Internet Archive copy shows the product as "Multibagg", with a screener, a market page, Discovery and a free sign-up. [13]
  4. Early 2025DA stranger buys an annual subscription of about 5,000 rupees. The founder says in 2026 that the company then became a business for him. [11]
  5. About mid-2025DEntrackr writes in January 2026 that the beta went live "around six months ago". [1]
  6. 29 September 2025DA founder note says the company crossed Rs 10 lakh in annual recurring revenue. [2]
  7. 24 October 2025CA founder note announces Iris, the AI analyst, as launched that day. [16]
  8. 4 December 2025DA founder note says the platform welcomed its 10,000th investor. [3]
  9. 8 January 2026DEntrackr 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. [1]
  10. 5 February 2026DIndian Startup Times reports a Shark Tank India season 5 deal of Rs 50 lakh for 1%. [12]
  11. 11 November 2026DThe home page shows "Trusted by 100k+ investors" and the pricing page shows Pro at Rs 4,499 a year. [7, 8]

What could go wrong for Multibagg AI?

The risks are the mirror image of the causes above.

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

The grade next to each source is the best grade that the source can support. "Read in full" means that the text of the page was downloaded and the numbers were checked in it.

  1. D Entrackr, 8 January 2026: Equity research startup Multibagg AI raises Rs 1.5 Cr in pre-seed round led by AJVC
    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. D Founder's note, 29 September 2025: Milestone: ₹10,00,000 ARR by Multibagg AI
    Read in full. The founder's own post on the company site. The post dates are as the site shows them.
  3. D Founder's note, 4 December 2025: Milestone: 10,000 Users of Multibagg AI
    Read in full. Source for the 10,000th user and the founder's words on marketing.
  4. C Founder's note, 5 January 2026: How did Multibagg AI raise its first round of funding?
    Read in full. Source for the interns, the raw-data cost and the friends-and-family round.
  5. C Founder's note, 9 November 2025: Multibagg AI turns 2
    Read in full. Source for the start date, the co-founder who left, LinkedIn and WhatsApp and the Razorpay notification.
  6. C Founder's note, 6 January 2026: Multibagg AI raises ₹1,50,00,000 pre-seed led by AJVC
    Read in full. Source for the pre-seed amount and the "₹5 billions" portfolio figure.
  7. C Multibagg AI home page, read 11 November 2026
    Read in full as text. Source for the counters, the "Backed by" row, the page title and the comparison with a general chatbot.
  8. C Multibagg AI pricing page, read 11 November 2026
    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. C Multibagg AI About Us, last updated 27 February 2026
    Read in full. Source for the founding year, the company name and the data providers.
  10. C Multibagg AI Terms and Conditions, last updated 27 February 2026
    Read in full. Source for the statement that the platform gives no investment advice.
  11. D Razorpay Rize, 13 February 2026: The Story of Aaditya & Multibagg AI (second half of the title)
    Read in full. A first-person interview with the founder. Source for his earlier employers, his own savings and the first paying stranger.
  12. D 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
    Read in full. An interview article. Source for the Shark Tank deal, the week of sign-ups and the regulation remark.
  13. C Internet Archive copy of the home page, 16 April 2024
    Read in full as text. Source for the earlier name and the early product.
  14. C Internet Archive copy of the pricing page, 13 December 2025
    Read the plans and the price. Source for the Premium plan at Rs 499 a month.
  15. C Multibagg AI careers page, read 11 November 2026
    Read in full. Shows one open role and the "Shark Tank India S5" badge.
  16. C Founder's note, 24 October 2025: Iris by Multibagg AI
    Read in full. Source for the Iris launch and its data sources.
  17. C Founder's note, 3 November 2026: How to Ask Iris
    Read the FAQ section. Source for the suggested "bullish, neutral or bearish" prompt.
  18. C Founder's note, 10 October 2026: We don't sell mutual funds
    Read in full. Source for the statements about star ratings, a recommended list and how the company earns.
  19. C Multibagg AI engineering post: Why a 0.86 ms Qdrant Query Timed Out at 60 Seconds
    Read the introduction and the code. Source for the use of Qdrant.
  20. C Multibagg AI engineering post: Send PDF directly to a vision LLM
    Read the sections that name the model client. Source for the OpenAI client in the code.
  21. A Federal Reserve H.10, historical rates for the Indian rupee, release of 9 November 2026
    Read the rates of 29 September 2025 (88.76), 8 January 2026 (90.02) and 6 November 2026 (93.91).
  22. C Database of failed startups, local export
    Record pages read on the website on 11 November 2026. AI-written summaries, not independently verified. Source for the failed predecessors.

Run this company? Send corrections or a verified figure to aiolum@livyden.com

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