[Funding] WealthDesk Raises Pre-Series A Funding From Multiple Investors

Investment technology platform WealthDesk has raised an undisclosed amount of Pre-Series A funding. The investors include senior leaders from global banks, market participants and other top technology business corporates. With this first external funding round, WealthDesk aims to expand. Further, it aims to capture retail investors at scale across this B2B2C ecosystem. WealthDesk aims to utilise these funds to further solidify its objective of platformization of Investment Management Industry in India. It aims to consolidate Broking, Advisory, MF Platforms and FinTech AMCs.

About WealthDesk

Founded in 2016, WealthDesk is a B2B2C platform. It captures the entire Investment/Asset Management/Advisory value chain from portfolio creation on top of Equities and ETFs. It changes these into investment products called WealthBaskets. Thus, enabling large scale distribution through broking partners with strong network effects. It has witnessed a capital infusion of more than $1 million in funding from the founders.

WealthDesk has partnerships with 15 full-service brokers and 10 SEBI Registered Investment Advisors in India. It onboards new advisors and brokers every month and aims to cross 0.5 million transacting users in the next quarter and 1 million transacting users before the end of the year.

From the leaders

Ujjwal Jain, Founder & CEO, WealthDesk said, “We are very thrilled about this milestone and we thank the investors for the same. 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. By H1 of 2021, we are also aiming to close a further substantial round of Series A funding. This funding will help strengthen WealthDesk’s B2B2C platform significantly.”

One of the investors from a prominent MNC bank said, “WealthDesk, is one of the few companies in India that have an extensive understanding of both deep technology and capital markets which gives them an advantage in creating a B2B2C platform play that adds significant value to each partner - Advisors, Brokers, AMCs, MF Platforms, etc. They are redefining the investment management ecosystem in India, which makes it an exciting startup to back. I am confident about the massive scale WealthDesk is going to achieve in the next few years because of the early bet on the B2B2C approach in the ecosystem which is getting buy-in from all-important financial services stakeholders including the new age fintech as well incumbents”