[Funding alert] Mumbai fintech company Sanctum Wealth raises Rs 78 Cr from The Xander Group
Mumbai-based The Xander Group's Singapore-based financial services arm.said on Monday it has raised Rs 78 crore in funding from
Sanctum said it will use the investment to target more clients and increase client coverage, as well as strengthen its operating platform.
"Our partnership with The Xander Group, with whom we share our core values and see many synergies, should allow us to accelerate our growth and further strengthen our platform. The Indian wealth management sector represents a huge structural opportunity, and we look forward to working with Xander and our existing investors..." said Shiv Gupta, CEO of Sanctum.
Set up in 2016 following the acquisition of the Royal Bank of Scotland's Indian private banking business, Sanctum provides wealth management services including estate planning, real estate and private market solutions, among others, to Indian high net-worth individuals.
The venture currently manages more than Rs 16,000 crore for more than 1,100 high net-worth families in India and abroad. It has six branches in India.
"We are big believers in the structural opportunities being created in the Indian financial services space by a young, upwardly mobile, and entrepreneurial population, against the backdrop of deepening reforms and positive regulatory change," said Sid Yog, Founder of The Xander Group.
"This will result in exponential growth in wealth advisory and management over the next decade," he added.
Xander is a global investment firm that focuses on emerging markets. Since 2005, it has invested over $3 billion of equity to India across private, public, credit and venture investments and platforms.
Its portfolio of investments in India include over 90 million square feet of real estate in offices, retail, luxury hotels, warehouses and residential segments.
Sanctum had, in 2018, raised Rs 73 crore from private equity fund Multiples Alternative Asset management - around the same time as it initiated coverage of international clients, and outlined plans to set up offices in Singapore and Dubai.