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Wealthtech startup Scripbox has acquired Pune-based startup Wealth Managers for an undisclosed amount.  

Following the acquisition, Scripbox plans to expand its geographical footprint and customer base. Further, the startup hopes the deal will enable it to offer better services to its customers. Furthermore, according to Scripbox, this will create long-term investment opportunities for their customer base. 

“We were impressed by the technology initiatives and process-driven progress made by Scripbox. Joining hands with them gives us an opportunity to build long-term investments, based on a rational and responsible approach,” said Bharat Phatak, founder and director of Wealth Managers. 

Founded by CAs–Bharat Phatak and Ajit Khasnis, Wealth Managers is a wealth management startup. Its offerings include portfolio management, mutual funds distribution and investment advisory services, among others. 

The latest development comes after Scripbox raised $21 Mn in its Series D funding round in January this year. 

On the other hand, founded in 2012 by Atul Shinghal and Sanjiv Singhal, Scripbox is a wealth management startup. It offers services including mutual funds, NPS to fixed deposits. 

“Our strategic partnership with Wealth Managers will allow us to leverage our collective wealth management experience, and jointly deliver personalised solutions to our consumers. Wealth Managers has a stellar track record built over the years and with the entire team on board, we aim to learn their mantra for tangible progress in this ever-evolving space,” said Atul Shinghal, founder and CEO of Scripbox.

Scripbox claims to have partnered with several offline and online independent wealth managers as a part of its growth strategy. 

Currently, Scripbox has an asset under management (AUM) of over INR 12K Cr, the startup said. It said, in the past two years, it has witnessed a 10x increase in its AUM and revenue. 

Prior to acquiring Wealth Managers, Scripbox also reportedly acquired investment platforms–Mitraz Financial and Upwardly.

It faces competition from other wealthtech startups including Zerodha, Paytm Money, Upstox and smallcase, among others.

According to a report, India’s investment tech sector was pegged at $20 Bn in 2021. The sector is projected to touch over a $60 Bn mark by the financial year 2025.