Scripbox declined to comment on the size of the deal.
This is expected to bolster its geographical presence, expand customer base and offer digital solutions to Wealth Managers’ clientele.
Over the past six months, Scripbox has actively focused on inorganic partnerships to grow its customer base, strengthen its team and build its network of financial advisors.
It has entered into five-six partnerships with offline wealth advisory firms over the last six months, founder and chief executive Atul Shinghal told ET.
Scripbox has executed 10 acquisitions and partnerships with independent wealth advisory firms over the past two years, including the latest tie-up with Wealth Managers.
“In this business, brand and trust matters. The customers of independent financial advisors partnering with us get an upgraded experience in terms of portfolio creation, while Scripbox gets access to a mature customer base,” Shinghal said.
“We are focused on customers who are in the Rs 50 lakh to Rs 5 crore net-worth range which offline wealth advisors today handle. We are making sure we are prudent in terms of capital, in these acquisitions and partnerships,” he added.
In January, Scripbox had raised $21 million in debt and equity funding, led by Accel Partners.
“We are a cash-flow positive business, so the capital raised is largely for doing these partnerships and acquisitions,” said Shinghal.
In December 2020, Scripbox had acquired Securities and Exchange Board of India (SEBI)-registered investment advisor Mitraz Financial.
Founded in 2012, Scripbox follows a hybrid model of digital as well as financial planners to help users manage their finances.
Since inception, the company has grown its assets under management to over Rs 12,000 crore and has 100,000 customers.
It has executed over 8 million transactions on its platform.
“We were always 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, for a much larger cross-section of investors,” said Bharat Phatak, founder and director, Wealth Managers.
Scripbox is planning to forge two to three additional partnerships with wealth advisory firms this year and is also looking to make insurance advisory live for customers on its platform, Shinghal added.