Indian wealth management technology company Scripbox acquires Wealth Managers

India-based wealth technology company Scripbox has bought Wealth Managers consulting firm for an undisclosed amount.

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

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

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

With these agreements, Scripbox aims to increase its revenue.

Scripbox Founder and CEO Atul Shinghal was quoted by Moneycontrol as saying, “Customers are multi-generational. We are not only looking after our client today, but we are expected to look after the client’s children, as well as future generations.

“Our engagement with them will continue for at least the next 30 to 50 years. But we councilors are not going to live that long. We need continuity.

“One way to ensure that is to meet on a platform that outlasts us, so the customer continues to be served long after we’re gone.”

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

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

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

Dolores W. Simon