Through this acquisition, Scripbox will expand its geographic footprint and customer base.
Wealth Managers is an investment company which provides portfolio management and mutual fund distribution services, as well as other services.
The latest developments come after Scripbox received $21 million in its Series D round of funding in January of this year.
The startup in the field of wealthtech Scripbox has purchased Pune-based company the company called Wealth Managers in an undetermined sum.
In the wake of this acquisition Scripbox will expand their geographic footprint and customers. Additionally, the company hopes that the deal will allow it to provide better service for its clients. In addition as per Scripbox it will also create potential investment opportunities in the long term for their existing customers.
We were amazed by the technological innovations and progress driven by process that was that were made by Scripbox. By joining forces with them, we give us the chance to create long-term investments with an objective and responsible approach, said Bharat Phatak director and founder of the Wealth Managers.
Established by the CAs of Bharat Phatak along with Ajit Khasnis founded by CAs-Bharat Phatak and Ajit Khasnis, Managers is a startup in the field of wealth management. Its services consist of portfolio management and mutual fund distribution, and financial advisory, in addition to.
The latest news comes following Scripbox has raised $21 million during its Series D round of funding in January of this year.
In contrast it was founded at the end of 2012 Atul Shinghal as well as Sanjiv Singhal in 2012, Scripbox was a startup for wealth management. It provides services such as mutual fundsand NPS and fixed deposit.
Our collaboration together with Wealth Managers will enable us to draw on our wealth management expertise and deliver customized solutions for our customers. Wealth Managers has a reputable track record over time, and, with the entire team at the table and a desire to learn their ethos to make tangible improvements in this ever-changing sector, said Atul Shinghal who is the CEO and founder of Scripbox.
Scripbox claims to have formed partnerships with a variety of offline and online wealth management firms as part of its strategy for growth.
Presently, Scripbox has an asset under management (AUM) of more than 12K according to the startup. The company said that in the past two years it has seen a 10-fold growth in its AUM and revenue.
Prior to its acquisition of the Wealth Managers, Scripbox also reportedly bought investment platforms Mitraz Financial, and Upwardly.
It’s competing against other startups in the field of wealthtech, including Zerodha, Paytm Money, Upstox and smallcaseamong others.
According to an report in the report, India’s investment technology sector was estimated to be worth the figure of $20 Bn by 2021. It is expected to reach the $60 billion in the year 2025.