Personal wealth management platform Scripbox has reportedly acquired competitor Upwardly for an undisclosed amount.
According to a media report which cited Scripbox cofounder Sanjiv Singhal, the acquisition deal is still in progress and the financial transaction has not been completed yet. As part of this deal, the Upwardly team will join Scripbox and its founders will take leadership roles in the company.
Bengaluru-based Upwardly was founded by Prateek Mehta, Prithvi Raj Tejavath, Shashank Agrawal, and Vivek Agarwal in 2016 and is focused on underserved consumers who don’t have enough savings, and claims to have served Indians and NRI across 700 locations across India and the Indian diaspora across 5 continents.
Launched by Sanjiv Singhal and Atul Singhal in 2012, Scripbox recently raised $21.4 million (INR 151.2 Cr) in Series C funding led by existing investor Accel Partners, with participation from Omidyar Network and NLI Investment Fund in January.
It had last raised an undisclosed amount in a Series B funding round led by Omidyar Network in June 2016. At that time, Scripbox had claimed to have a customer presence in 370 cities and towns across India. Back in 2015, Accel Partners had furnished a $2.5 million Series A funding round in the company.
According to a report, Scripbox has around 2 million in investments, and manages over $127.8 Mn (INR 900 Cr) worth assets, with investments from over 1,200 locations in the country.
The mutual funds space has a large opportunity and there are many innovative products that can be worked out, by joining hands. We will be able to avoid any form of cannibalisation and work on new product lines,”
Sanjiv reportedly said.
Both Scripbox and Upwardly have a shared commitment towards helping customers on their wealth journey with simple jargon-free solutions. The combined business is well-capitalised and has a demonstrated, sustainable revenuemodel. And hence, we are certain that we will be there for our customers throughout their wealth journey over a lifetime,” said Sanjiv.
Over the years, India’s fintech sector has seen massive growth, and in terms of funding, has attracted investments to the tune of $1.2 billion in 2018 across 116 funding deals,as of December 12, 2018.Moreover, as per Deloitte India 2019 report predictions, wealth management in India will see a continuous and significant shift towards ‘digital investing’, which is investment in through mobile or web applications.
The report had further estimated digital-invested assets under management (AUM) to grow by around 80% from approximately INR 250 billion in 2018 to INR 450 billion in 2019. In comparison, overall retail AUM is expected to grow by around 37%. In other words, digital investing is expected to grow at more than double the rate of overall investment in mutual funds.