Indian B2B2C investment technology platform WealthDesk has raised an undisclosed amount in a pre-Series A funding to bolster its growth.
Senior leaders from global banks, market participants as well as prominent technology business corporates were the investors in the round.
Established in 2016, WealthDesk facilitates portfolio-based investing, in addition to equities and Exchange Traded Funds (ETF) consolidating advisory, broking, asset, and wealth management ecosystem.
Since its launch, the company has received over $1m in funding from the founders.
WealthDesk intends to use the new capital to scale up its B2B2C platform for retail investors and accelerate the platformisation of investment management Industry in the country by consolidating Broking, Advisory, MF Platforms and FinTech AMCs.
Speaking on the fundraise, WealthDesk founder and CEO Ujjwal Jain said: “We plan to use this funding to hire great talent, invest in R&D and further build out the technology to expand business, that is platformisation of asset and wealth management on top of broking, as this will be the future of the investment management industry.”
WealthDesk expects to close a substantial round of its Series A financing by the first half of this year.
The company, which has partnered with 15 full-service brokers and 10 SEBI RIAs, aims to onboard 0.5 million transacting users in the next quarter and one million transacting users before the end of the year.
In December 2020, Indian digital wealth management platform Scripbox made a strategic investment in investment adviser Mitraz Financial.
The same month, Swiss investment bank UBS set up a new office in the Indian city of Hyderabad to offer additional capabilities in finance, operations, and research.