Companies

Scripbox acquires investment advisor Mitraz Financial

KR Srivats New Delhi | Updated on December 10, 2020

‘Through our tech and digitisation, we will be able to take higher-end personalised services to a larger set of clients’

Scripbox, a digital personal wealth management platform, has acquired a controlling stake in Mitraz Financial, a ten-year-old SEBI-registered investment advisor providing personalised financial advisory services to high net worth individuals (HNIs) and ​ultra high net worth individuals​ (UHNIs).

With this acquisition, Scripbox and Mitraz Financial will be able to offer a full-stack wealth management solutions powered by tech, data and science, and complemented by the human touch, a top Scripbox official said.

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Explaining the rationale behind the investment, Atul Shinghal, Founder & CEO of Scripbox, told BusinessLine: “Our strategic investment in Mitraz will add a set of services to our existing clients and teach us how to digitise those services and offer it to a wider network of customers. Typically, financial advise is an offline businesses, serving a limited set of customers. We believe through our technology and digitisation, we will be able to take higher-end personalised services to a larger set of clients.”

However, he declined to disclose the quantum of Scripbox's investment in Mitraz.

In September last year, Scripbox had acquired Upwardly, a digital financial advisory start-up.

Anup Bansal, Co-Founder & Managing Director of Mitraz Financial, ​added, “Scripbox has established itself as the leader in digital wealth management. Integrating their tech-led toolkit with our advisory capability will boost the experience we provide to our clients.”

According to Shinghal, 2020 has been a good year for Scripbox despite COVID-19 with revenue and assets under management increasing nearly three-fold.

India has the fifth largest base of HNIs and UHNIs in Asia according to a recent Boston Consulting Group (BCG) report. Scripbox's acquisition of Mitraz is likely to strengthen Scripbox’s presence in the fast-growing wealth management domain in India.

Published on December 10, 2020

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