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Monday, August 2, 2021
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WealthDesk raises $3.2 million funds in Pre-Series A round

Founded in 2016, WealthDesk positions itself as an investment technology platform that captures the entire Asset Management & Advisory value chain from portfolio creation on top of Equities and ETFs, productizing these into investment products called WealthBaskets.

WealthDesk has raised funding from 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 top corporates.

Founded in 2016, WealthDesk positions itself as an investment technology platform that captures the entire Asset Management & Advisory value chain from portfolio creation on top of Equities and ETFs, productizing these into investment products called WealthBaskets.

The company claimed that in the past 6 months, it has doubled the number of advisors & research partners, and brokers on its platform to 20 and 30 respectively. It continues to onboard 3-5 partners every month.

“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 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,” said Ujjwal Jain, Founder & CEO, WealthDesk.

The fintech startup said that it plans to use this funding to hire talent, invest in R&D and further build out the technology to expand the business. The company is also keen to continue to work on the Optimiser tool which it says will help vertical integration and ARPU expansion significantly. On the B2C front, the company will focus on offering premium WealthBasket portfolios at a low cost by leveraging technology and distribution strengths.

Mathew Cyriac said: “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 this young team in its efforts to redefine the dynamics of asset and wealth management in India bundled with Broking.”

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