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August 8, 2022

Indian wealth-tech firm Scripbox buys Wealth Managers

India-based wealth-tech company Scripbox has bought wealth advisory firm Wealth Managers for an undisclosed sum.

Based in Pune, India, Wealth Managers is an independent wealth management company. It was established by chartered accountant duo Bharat Phatak and Ajit Khasnis.

The latest acquisition represents the tenth deal made by Scripbox in the last two years. In December 2020, Scripbox executed its first acquisition with the purchase of Mitraz Financial, a Bengaluru-based personalised financial advisory services provider.

Following the deal, Scripbox continued its shopping spree with the purchases of Upwardly in Bengaluru, Chennai-based mutual fund distributor A.K. Narayan Associates, independent financial platform Sujata Kabraji in Mumbar and others.

With the deals, Scripbox aims to raise its revenues.

Scripbox founder and CEO Atul Shinghal was quoted by Moneycontrol as saying: “Customers are multi-generational. We don’t just handle our client today, but are supposed to handle the client’s children, and future generations too.

“Our engagement with them will go on for at least the next 30-50 years. But we, the advisors, aren’t going to live that long. We need continuity.

“One way to ensure that is by coming together on a platform that lasts longer than us, so that the client keeps getting serviced long after we’re gone.”

According to Shinghal, Covid-19 pandemic has taught people from various walks of life including investors, advisors and distributors to plan their future.

Founded in 2012, Scripbox aims to provide a number of options for people to invest easily.

In January this year, Scripbox obtained $21m investment through a funding round to add new products into its portfolio. The round was led by Accel Partners.

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