Bengaluru-based Scripbox, a wealth management platform focused on regular mutual funds, said on June 1 it had acquired the mutual fund distribution business of New Delhi-based Bluechip Capital for an undisclosed sum.

Bluechip’s employees and clients will join Scripbox.

The deal covers Bluechip’s mutual fund distribution business. Bluechip has been led by Ravi Kohli for more than three decades.

Founded in 2012, Scripbox has raised US$84 million from investors including Accel, Omidyar Network, and Nippon Life Insurance.

In early 2022, the company said it had 70,000 active customers and 50 billion rupees (US$526 million) in assets under management.

The acquisition is part of Scripbox’s expansion plan after it invested in advisory firm Mitraz Financial in 2021.

🔗 Source: The Economic Times