WealthDesk, India’s pioneering Investment Technology platform, has raised funding from investors, and former Blac
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 portfolios 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 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, Ujjwal Jain, Founder & CEO, WealthDesk said, “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.
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. 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.“
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. 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.”
