Indian start-up Scripbox acquires competitor Upwardly
Mutual funds online investment platform, Scripbox, has acquired competitor, Upwardly for an undisclosed sum, writes Jane Connolly.
YourStory reports that the Bengaluru-based start-up views Upwardly as having a similar vision to its own.
“As a combined team, we are looking forward to accelerating our mission to help a million Indian families retire with confidence,” says Scripbox founder and COO, Sanjiv Singhal. “The combined business is well-capitalised and has a demonstrated, sustainable revenue model.”
Prateek Mehta, CEO and co-founder of Upwardly, comments: “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.”
Scripbox reportedly has assets under management (AUM) of more than 1,100 crore rupees ($154.3 million) while Upwardly has 250 crore rupees ($35 million) plus AUM.
Upwardly provides services to Indians and non-resident Indians at 700 locations in India and across five continents, with 75% of customers being first-time investors.
Scripbox, founded four years earlier in 2012, covers 1,200 locations in India and similarly, has 70% first-time investors.