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.
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