Bengaluru-based online investment service startup Scripbox has acquired financial advisory platform Upwardly. The startups have not disclosed the details about the deal.
A digital mutual funds distribution platform, Upwardly undertakes analysis and risk assessment to narrow down the best investments options in equity and debt funds.
The startup was founded in 2016 by Prateek Mehta, Prithvi Raj Tejavath, Vivek Agarwal and Shashank Agrawal.
“We welcome the Upwardly team and customers on board. The combined business is well-capitalised and has a demonstrated, sustainable revenue model,” Sanjiv Singhal, co-founder and chief operating officer, Scripbox, said in a statement issued by the fintech startups.
Scripbox was founded by Singhal, Ashok Kumar E R and Nilakanta Mallick. Since its founding in 2012, the startup has been backed by Accel Partners, Omidyar Network and angel investors including the likes of MakeMyTrip executives Deep Kalra and Rajesh Magow, former Myntra executive Shamik Sharma and Srini Srinivasan of the Kotak Realty Fund.
Earlier this year, Scripbox raised $21.7 million (around Rs. 151.26 crore then) in a funding round led by Accel Partners and Omidyar Network. NLI Strategic Venture Investments Fund also participated in the funding round.
Consultancy firm KPMG reported recently that investment in the Indian fintech sector dropped by nearly 50% in the first half of 2019 vis-a-vis the same period last year.