Wealthtech startup Scripbox acquires Wealth Managers for an undisclosed sum

Bengaluru-based wealth tech startup Scripbox has acquired Pune-based investment advisory startup Wealth Managers for an undisclosed amount to expand its geographical presence and expand customer base.

“Our strategic partnership with Wealth Managers will allow us to leverage our collective wealth management experience, and jointly deliver personalized 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 & CEO of Scripbox.

Wealth Managers was founded by chartered accountants (CAs) Bharat Phatak and Ajit Khasnis to provide personalized financial services for high net worth and ultra-high net worth individuals, corporates, and charity trusts.

Wealth Managers offers portfolio management, mutual funds distribution, and investment advisory services to its users. Notably, It ranks among the top 50 distributors by way of mutual fund commissions, as per data released by the Association of Mutual Funds of India (AMFI), the regulatory body for the mutual funds’ industry.

“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 & Director of Wealth Managers. 

Atul Shinghal and Sanjiv Singhal co-founded Scripbox. In January 2022, the startup had raised $21 million in funding in a mix of debt and equity from Accel Partners. Scripbox said, currently, it has assets under management (AUM) of over Rs 12,000 crore.

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