India-based investment technology platform WealthDesk is gearing up to bolster its platform with the addition of regional and small brokers, reported The Telegraph.
The move comes as Mumbai-based start-up registers an increasing number of accounts from smaller cities following a significant rise in the number of investors in the equity segment.
WealthDesk CEO Ujjwal Jain said: “Between 2018 when we first launched to 2022, we are currently working with more than 35 brokers.
“We are now going to the regional and small brokers. We are a technology platform which can integrate with the brokers in a plug and play model and where customers can start discovering these portfolios and invest easily.”
Founded in 2016, Wealthdesk offers a spectrum of wealth products and solutions, including direct equity and ETF-based wealth baskets from Securities and Exchange Board of India (SEBI) registered intermediaries.
The firm recently signed a partnership to offer its wealth solution products to Axis Securities’ approximately four million customers through their Ring Mobile application and Ring platform.
It also has existing partnerships with Paytm Money and ICICI Direct.
Jain added: “As the number of retail investors has been growing in India, we at WealthDesk are expanding access to systematic wealth management solutions through our Sebi registered partners under our unified wealth interface vision.”
Last June, Wealthdesk raked in $3.2m in its pre-Series A funding round to expand its operations with the hiring of new resources to further develop its technology offering.
Prior to that, the firm raised an undisclosed amount from prominent technology business corporates and market participants as well as several senior executives from global banks to accelerate its growth.