Indian investment technology platform WealthDesk has raked in $3.2m in its pre-series A funding round to accelerate growth.
As part of its pre-series A funding round, the firm raised an undisclosed amount in January from prominent technology business corporates and market participants as well as senior executives from global banks.
The latest round was joined by a number of investors including ex-Blackstone partner and co-head of India private equity practice Mathew Cyriac.
WealthDesk will use the new capital to bolster its operations with the hiring of new resources to further develop its technology offering.
The firm also plans to boost investment in its research and development segment.
Established in 2016, WealthDesk enables investment portfolio creation via ‘WealthBaskets’ that consists stocks and ETFs.
The firm is said to have doubled advisers and research partners as well as brokers on its platform over the last six months.
WealthDesk recently rolled out detailed portfolio analytics and optimisation tool called Optimiser in collaboration with OpenQ by Quantech Capital.
The funding will also support the further development of this tool, which helps investors optimise their portfolio in process-oriented way.
WealthDesk founder and CEO Ujjwal Jain said: “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.”
Commenting on the development, Cyriac added: “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.”