iRage / iRage Capital

iRage opened in 2009, the same year co-location arrived on India's exchanges, which makes it one of the country's first serious high-frequency firms and among the oldest still running. Rajib Ranjan Borah and Nitesh Khandelwal were among the quantitative traders who founded it to build low-latency systems and strategies for Indian markets.

Its proprietary trading spans market-making, arbitrage, and statistical arbitrage, with systems handling millions of orders a day at microsecond latency. iRage also licenses its stack to institutions, a low-latency platform with its own order-management system, the Dinfra data layer, backtesting and visualisation tools, and a GIFT City desk for international products. In May 2026 it rolled out a next-generation platform, Arrow Trade.