On a buying binge, wealth-tech platform Scripbox picks up Wealth Managers in 10th M&A deal

Bengaluru-based Scripbox, one of India’s largest wealth managers with assets under management (AUM) of around Rs 12,000 crore, has entered into a strategic partnership with Wealth Managers (India), a Pune-based wealth management firm.

Founded by chartered accountants Bharat Phatak and Ajit Khasnis, Wealth Managers is one of India’s largest independent wealth management firms. It ranks among the top 50 distributors by way of mutual fund commissions, per data released by the Association of Mutual Funds of India (AMFI), the regulatory body for the mutual funds industry.

This is Scripbox’s 10th acquisition of an independent financial advisor (IFA) or a registered investment advisor (RIA) over the past year and half. Its first acquisition came in December 2020, when it acquired Bengaluru-based Mitraz Financial, a boutique RIA firm.