Scrippsbox declined to touch upon the scale of the deal.
That is anticipated to strengthen its geographical presence, broaden its buyer base and supply digital options to the shoppers of Wealth Managers.
Over the previous six months, Scripbox has actively centered on inorganic partnerships to develop its shopper base, strengthen its group, and construct out its community of monetary advisors.
Founder and CEO Atul Singhal instructed ET that it has entered into five-six partnerships with offline wealth advisory companies within the final six months.
Scripbox has executed 10 acquisitions and partnerships with impartial wealth advisory companies over the previous two years, together with the most recent tie-up with Wealth Managers.
Discover tales that curiosity you
“On this enterprise, model and belief matter. Purchasers of impartial monetary advisors partnering with us get a sophisticated expertise when it comes to portfolio creation, whereas Scripbox will get entry to a mature shopper base,” mentioned Shingle.
“We’re specializing in shoppers who’re within the Rs 50 lakh to Rs 5 crore net-worth vary that offline wealth advisors deal with at this time. We’re ensuring that we’re prudent in relation to capital in these acquisitions and partnerships.”
In January, Scripbox raised $21 million in debt and fairness funding, led by
“We’re a money move optimistic enterprise, so the capital raised is primarily for these partnerships and acquisitions,” Singhal mentioned.
In December 2020, Scripbox had acquired Securities and Alternate Board of India (SEBI)-registered funding advisor Mitraz Monetary.
Based in 2012, Scripbox follows a hybrid mannequin of digital in addition to monetary planners to assist customers handle their funds.
Since inception, the corporate has grown its property below administration to over Rs 12,000 crore and has over 100,000 prospects.
It has executed over 8 million transactions on its platform.
“We have been at all times impressed by the know-how initiatives and process-driven developments made by Scripbox. Becoming a member of fingers with them offers us a chance to construct long-term investments based mostly on a rational and accountable strategy to a big phase of buyers ,” mentioned Bharat Phatak, Founder and Director, Wealth Managers.
Singhal mentioned Scripbox plans to have two to 3 extra partnerships with wealth advisory companies this 12 months and needs to make insurance coverage advisory for shoppers stay on its platform.