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WealthDesk Raises Pre-Series A Funding

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WealthDesk, India’s pioneering B2B2C Investment Technology platform that enables portfolio-based investing on top of equities and ETFs consolidating advisory, broking, asset & wealth management ecosystem, 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.

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, productizing 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.

Since its inception, WealthDesk has been bootstrapped and 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. WealthDesk 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.

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 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.”

Sudhir Jain, Managing Director of a prominent MNC bank, “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’m 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 a buy in from all important financial services stakeholders including the new age fintechs as well incumbents”

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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