Scripbox, an Indian financial company that provides a digital platform for investments especially in mutual funds, has published the news of the acquisition of Mitraz Financials, a firm that provides financial planning and investment advisory services. This acquisition seems to be a milestone for Scripbox to expand the services provided by them and also helps to acquire a new set of customers. Earlier Scripbox has acquired Upwardly, an advisory and investment platform that focuses on mutual funds in 2019.
This acquisition of Scripbox and Mitraz Financials would create a revolutionary change by combining their competence and experience to build flexible technology-based wealth management and teach Scripbox how to deliver and digitize the services to a broad range of customers. Customers are the power behind the success of every organization so through this procurement they can able to provide more personalized services to a wide range of customers even though financial consulting is an offline service serving a small set of clients. But they not yet disclosed the quantum of investment made by Scripbox on Mitraz. Mitraz already has a proven record of advisory services along with a truthful and ethical approach to their customers and Scripbox has a well-established history of leadership in wealth management. They are combined in such a way that their drawbacks can be overcome through their highlights and can able to provide a holistic approach to wealth management fuelled by technology and information along with human touch. The integration of the activities provided by both entities would help a broad range of customers to make their investments in a better and efficient manner.
The pandemic situation of COVID-19 makes the environment into a near standstill position, despite all these Scripbox has increased revenue and Asset under Management. As per the Boston Consultancy Group (BCG) report, India has the fifth largest base of High Net worth Individuals (HNIs) and Ultra High Net-worth Individuals (UHNIs). This acquisition will definitely strengthen the presence of Scripbox in the wealth management platform and together they can achieve great highest. It is expecting that Scribox will come up with new services like insurances and investment in Indian as well as foreign equities
