Bengaluru-based wealth management startup Scripbox has acquired New Delhi-based wealth management firm Bluechip Capital, the company said in a note on Monday. The acquisition will help Scripbox expand its client base and offer Bluechip’s clients a digital platform for a wealth management play.
Without disclosing the financial details of the deal, Scripbox said that post the acquisition, Bluechip’s employees and clients would become part of the larger Scripbox ecosystem.
“Bluechip has been in the business for 33 years and has built very strong client relationships. But the next generation of these clients will need digital solutions and institutional support, which Scripbox can provide,” Atul Shinghal, chief executive officer of Scripbox, told ET.
Shinghal added that he has done similar deals in the past, helping Scripbox expand its assets under management and widen its client base.
“Bluechip was managing an AUM north of Rs 1,000 crore, mostly mutual funds,” the CEO said.
Bluechip was led by Ravi Kohli for three decades. Its customers will now get access to the Scripbox platform and advisory services that are more relevant in the current era, when a large part of wealth management is going digital, the company said.
Founded in 2012, Scripbox is a wealth management platform with offerings primarily focused around regular mutual funds. The company has raised $59 million in equity funding over multiple rounds led by Accel and counts Omidyar Network and Nippon Life Insurance among its other major investors. The company manages more than Rs 20,000 crore in assets across its three major business lines: mutual fund distribution, portfolio management services and investment advisory.
Bluechip Capital was advised by Pegasus Finserv on the transaction, while Scripbox was supported by LegaLogic Consulting and Globeview Advisors.
