Wealthtech startup Scripbox acquires Wealth Managers for an undisclosed sum
The wealth technology startup Scripbox, located in Bengaluru, has partnered strategically with Wealth Managers in Pune to broaden both its geographic reach and clientele.
“Through our strategic cooperation with wealth managers, we will be able to make use of our combined wealth management expertise and deliver individualized solutions to our clients together.
Wealth Managers have a strong track record that has developed through time, and with the entire team on board, we hope to adopt their credo for real advancement in this constantly changing industry, according to Atul Shinghal, founder and CEO of Scripbox.
Bharat Phatak and Ajit Khasnis, both chartered accountants (CAs), formed Wealth Managers to offer specialized financial services to high- and ultra-high-net-worth individuals, businesses, and charitable trusts.
Portfolio management, mutual fund distribution, and investment counseling services are all provided by Wealth Managers to their subscribers.
Notably, according to data supplied by the Association of Mutual Funds of India (AMFI), the industry regulator for mutual funds, It ranks among the top 50 distributors by way of mutual fund commissions.
“We were pleased by Scripbox’s technological endeavors and process-driven development. Working together with them provides us the chance to develop long-term investments based on a sensible and ethical strategy, according to Bharat Phatak, founder, and director of Wealth Managers.
Scripbox was established by Atul Shinghal and Sanjiv Singhal. Accel Partners provided the firm with $21 million in capital in January 2022, split between debt and equity. According to Scripbox, the company presently manages more than Rs 12,000 crore in assets (AUM).