PremiumBENGALURU: Investment technology platform WealthDesk on Thursday said that it has closed its Pre-series A funding round, raising $3.2 million.
As a part of its latest tranche of Pre-Series A, the company has raised funds from Mathew Cyriac, former Blackstone Partner and co-head of India private equity practice, who has invested in his personal capacity.
The company plans to use the fresh funds to hire great talent, invest in research and development, and further build out its technology offerings.
Founded in 2016, WealthDesk is an investment technology platform which helps in investment portfolio creation through ‘WealthBaskets’, which comprises of stocks and exchange traded funds (ETFs).
"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," said Ujjwal Jain, founder & chief executive officer, WealthDesk.
Over the past six months, WealthDesk has doubled the number of advisors and research partners, and brokers on its platform, and continues to onboard 3-5 partners every month.
WealthDesk has also launched a comprehensive and detailed portfolio analytics and optimisation tool called Optimiser in partnership with OpenQ by Quantech Capital. The tool will help investors optimise their portfolio 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," said Cyriac.
Cyriac has also invested in several tech startups and has made three fintech investments including Cashe, CityCash and Mobikwik.
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