Scripbox, the Bengaluru-based online investment platform with focus on mutual funds, has acquired Upwardly, which operates in the similar space, for an undisclosed sum.
Scripbox, founded in 2012, has assets under management (AUM) of over Rs 1,100 crore while Upwardly has Rs 250 crore plus AUM.
Upwardly, an investment and advisory platform with focus on mutual funds, was founded in June 2016 by former Myntra executive Prateek Mehta, former Urban Ladder executive Prithvi Raj Tejavath, former JP Morgan Chase executive Vivek Agarwal, and former ANZ executive Shashank Agrawal.
The startup provides services to Indians and NRIs across 700 locations in the country and the diaspora across five continents.
“As a combined team, we are looking forward to accelerating our mission to help a million Indian families retire with confidence ,” said Sanjiv Singhal, Founder and COO of Scripbox.
“We see a strong alignment on vision and what we want to achieve for our customers. We both feel that collaboration is better than competition as we go after this joint objective,” said Prateek Mehta, CEO and Co-founder, Upwardly.in.
Both Scripbox and Upwardly, a statement added, have a shared commitment to helping customers on their wealth journey with simple jargon-free solutions. “The combined business is well-capitalised and has a demonstrated, sustainable revenue model. And hence, we are certain that we will be there for our customers throughout their wealth journey over a lifetime,” said Sanjiv.
Scripbox has customers across 1,200 locations in India with 70 percent of them being first-time investors, and 28 percent being women. It has raised around $23 million in funding with participation from investors like Accel and Omidyar Network.
Upwardly, on the other hand, has 75 percent of its customers being first-time investors, while women constitute 22 percent.
(Edited by Evelyn Ratnakumar)