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WealthDesk Raises Pre Series A round at $3.2 million

Targets the massive retail investor opportunity in India

In the first half of 2021, WealthDesk doubled its partners from 25 to 50 including top brokers, advisors and research partners on its platform

Mumbai, NFAPost: WealthDesk, India’s pioneering Investment Technology platform, has 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 top corporates.

Founded in 2016, WealthDesk is 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, which are Stock and ETF portfolios, that are now available to retail investors on top of broking. WealthDesk also enables large scale distribution through broking partners with strong network effects.

In the past 6 months, WealthDesk has already doubled the number of advisors & research partners, and brokers on its platform to 20 and 30 respectively. WealthDesk continues to onboard 3-5 partners every month. 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 2 cities and beyond to onboard themselves onto the WealthDesk platform within a week, and gain access to WealthBasket portfolios. WealthDesk has also launched a comprehensive and detailed Portfolio Analytics and Optimization tool called Optimiser in partnership with OpenQ by Quantech Capital. The tool will help investors optimize their portfolio in a disciplined and process-oriented manner.

Founder of Florintree Advisors and Ex Blackstone Partner and co-head of India PE, Mathew Cyriac, has recently completed the successful IPO listing of Hyderabad-based precision engineering solutions company MTAR Technologies.

Post this success, Mathew Cyriac continues to look for strategic investment opportunities in the Fintech sector and is looking to take at least two more companies public this year. Mathew has also invested in several tech startups and has made three fintech investments, Cashe, CityCash and Mobikwik.

Commenting on the funding, WealthDesk Founder & CEO Ujjwal Jain said the company is 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,” said Ujjwal Jain.

Ujjwal Jain said WealthDesk plans to use the funding to hire great talent, invest in R&D and further build out the technology to expand business, i.e. platformisation 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.

Commenting on this association, 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,” said Mathew Cyriac.

He said 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,” said Mathew Cyriac.

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