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startup | IST

WealthDesk raises funding from former Blackstone partner & co-head of India PE, Mathew Cyriac

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With this final tranche, WealthDesk has closed its Pre Series A round at $3.2 million. Earlier this year, WealthDesk had raised the first tranche of their pre-Series A funding from individual investors including senior leaders from global banks, market participants and other top corporates.

WealthDesk, an Investment Technology platform, has raised funding from former Blackstone Partner and co-head of India PE, Mathew Cyriac, in his personal capacity. With this final tranche, WealthDesk has closed its Pre Series A round at $3.2 million.
Earlier this year, WealthDesk had raised the first tranche of their pre-Series A funding from individual investors including senior leaders from global banks, market participants and other top corporates.
Cyriac has recently completed the successful IPO listing of Hyderabad-based precision engineering solutions company MTAR Technologies. He has also invested in several tech startups and has made three fintech investments, Cashe, CityCash and Mobikwik.
"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," said Ujjwal Jain, Founder & CEO, WealthDesk.
The company is 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,' Jain added
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 doubled the number of advisors & research partners, and brokers on its platform to 20 and 30 respectively.
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.
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