Indian digital wealth management platform Scripbox has made a strategic investment in investment adviser Mitraz Financial.
Financial details of the deal were not disclosed.
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Founded in 2009, Bengaluru-based Mitraz provides personalised financial advisory services to HNWIs and UHNWIs.
The deal will help Scripbox to expand its offerings to the UHNW segment and strengthen its presence in India’s evolving wealth management space.
Scripbox founder and CEO Atul Shinghal said that the partnership brings together personalised advisory with digital wealth management for better customer outcomes.
As part of the tie-up, the companies intend to bring together their expertise to develop ‘a scalable tech-led wealth management model’ to meet the full spectrum of customer needs.
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By GlobalDataThis model is targeted towards early stage investors with relatively simple needs as well as mature investors with high demands.
Speaking on the investment, Shinghal told BusinessLine: “Our strategic investment in Mitraz will add a set of services to our existing clients and teach us how to digitise those services and offer it to a wider network of customers.
“Typically, financial advise is an offline businesses, serving a limited set of customers. We believe through our technology and digitisation, we will be able to take higher-end personalised services to a larger set of clients.”
Mitraz Financial co-founder and managing director Anup Bansal noted that integrating Scripbox’s tech-led toolkit with Mitraz’s advisory capability will boost the customer experience.
Founded in 2012, Scripbox oversees INR2.5m in assets under management. It has a presence in 1,250 cities across the country.
The company reportedly plans to expand itself with the addition of new services in areas such as insurance and investment in Indian and foreign equities.
Last year, Scripbox acquired a digital wealth management company Upwardly.
In August this year, InCred Asset Management, part of InCred Capital, acquired Vishuddha Capital Management to foray into the Indian asset management space.
