WealthDesk Closes Pre-Series A Round At $3.2 Mn The platform plans to use this funding to hire great talent, invest in R&D and further build out the technology to expand business
By Prabhjeet Bhatla •
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Investment Technology platform WealthDesk on Thursday announced to have raised funding from investor, and former Blackstone Partner and co-head of India PE, Mathew Cyriac, in his personal capacity. With this final tranche, WealthDesk has closed its Pre-Series A round at $3.2 million.
Earlier this year, WealthDesk had raised the first tranche of their pre-Series A funding from individual investors including senior leaders from global banks, market participants, and other corporates.
"We are very excited about this investment from Mathew Cyriac. Mathew is known to be a far-sighted investor and his association with WealthDesk validates our vision and strengthens our capabilities to disrupt asset and wealth management in Indian with large-scale distribution capabilities. We believe there exists a "100 million investors' opportunity in India, and Mathew's guidance will enable us to seize this opportunity effectively. We plan to use this funding to hire great talent, invest in R&D and further build out the technology to expand the business, i.e. platformization of asset and wealth management on top of broking, as this will be the future of the investment management industry. We are also keen to continue to work on the Optimiser tool which will help vertical integration and ARPU expansion significantly. On the B2C front, we will focus on offering premium WealthBasket portfolios at a low cost by leveraging our technology and distribution strengths," said Ujjwal Jain, founder, and chief executive officer, WealthDesk.
In the past 6 months, WealthDesk has already doubled the number of advisors and research partners, and brokers on its platform to 20 and 30 respectively. WealthDesk has also launched a deep integration with 63 moons technologies for its product, ODIN Connector. This partnership with ODIN allows new brokers from metros, tier-II cities, and beyond to onboard themselves onto the WealthDesk platform within a week, and gain access to WealthBasket portfolios. WealthDesk has also launched comprehensive and detailed portfolio analytics and optimization tool called Optimiser in partnership with OpenQ by Quantech Capital. The tool will help investors optimize their portfolios in a disciplined and process-oriented manner.
"Fintech is at a very interesting stage in India. I am very excited about WealthDesk because the company's growth is being powered by the trifecta of strong vision, unparalleled domain knowledge, and industry-leading tech capabilities and they are building a strong ecosystem. Ujjwal's expertise on the subject combined with his passion and energy reflects in the commitment and vision he has for the company and the ecosystem. I am keen to partner with this young team in its efforts to redefine the dynamics of asset and wealth management in India bundled with Broking," added Mathew Cyriac.
