Mumbai: WealthDesk, a B2B2C investment technology platform has raised an undisclosed sum of pre-Series A funding.
The investors include senior leaders from global banks, market participants and other top technology business corporates.
WealthDesk enables portfolio-based investing on top of equities and ETFs consolidating advisory, broking, asset and wealth management ecosystem.
Founded in 2016, WealthDesk is a B2B2C platform that captures the entire investment/asset management/advisory value chain from portfolio creation on top of equities and ETFs, productising these into investment products called WealthBaskets.
And then enabling large scale distribution through broking partners with strong network effects.
WealthDesk is taking a platform play approach and through its partners, helping expand the investment product ecosystem beyond mutual funds and portfolio management services which will drive the future of investing in India in capital markets.
WealthDesk a bootstrapped since inception, has witnessed a capital infusion of more than $1 million in funding from the founders.
Now, with the first external funding round, WealthDesk is looking to expand further and capture retail investors at scale across this B2B2C ecosystem.
It aims to utilise these funds to further solidify its objective of platformization of investment management industry in India consolidating broking, advisory, MF platforms and fintech AMCs.
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.
“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,” said Ujjwal Jain, Founder and CEO – WelathDesk.
“This will be the future of the investment management industry,” Jain.
“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.,” added Jain.
“WealthDesk, is one of the few companies in India that have an extensive understanding of both deep technology and capital markets, etc,” said an investor from a prominent MNC bank.