Mumbai-headquartered wealth management startup Sanctum Wealth today announced it has raised Rs 78 crore in funding from The Xander Group's Singapore-based financial services arm.
According to a release, Sanctum will utilize the raised funds to strengthen its operating platform and increase its client coverage.
Started in April 2016 through the acquisition of the Royal Bank of Scotland’s Indian private banking business, the fintech firm provides a range of wealth management services to high net-worth individuals in India and abroad. These include the full spectrum of investment services, estate planning solutions, real estate services, and private market solutions.
The fintech venture claimed that it manages more than Rs 16,000 crore for more than 1,100 high net-worth families across India and abroad countries.
“Over the past five years, we have created a world-class platform with a strong customer-centric culture. Having invested heavily in building a strong foundation, we are seeing robust growth in our customer franchise, which we expect to continue," Shiv Gupta, CEO at Sanctum, said.
"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, which includes Multiples Alternative Asset management, to take our franchise to the next level in scope and scale.”
London-based The Xander Group is a global investment firm that invests in emerging markets. Since 2005, the firm has committed over $3 billion of equity to India across private, public, credit, venture investments, and platforms.
Sid Yog, Founder of The Xander Group, Inc., said: “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. This will result in exponential growth in wealth advisory and management over the next decade."
Zanskar Advisors, a Mumbai-based investment banking company, acted as the investment bankers for this transaction.
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