Financial advisory startup Upwardly merges with online investment service Scripbox
Upwardly, the Bengaluru-based financial advisory startup, is merging with leading online investment service Scripbox. Similar brand philosophies and a customer-centric approach for creating long term wealth for consumers have driven the decision to join efforts.
Upwardly was founded in June 2016 by former Myntra Executive Prateek Mehta, former Urban Ladder Executive Prithvi Raj Tejavath, former JP Morgan Chase Executive Vivek Agarwal and former ANZ Executive Shashank Agrawal.
Sanjiv Singhal, Founder and COO, Scripbox, said, “We welcome the Upwardly team and customers on board. As a combined team, we are looking forward to accelerating our mission to help a million Indian families retire with confidence. Coming together will strengthen both platforms resulting in a superior experience for customers.”
Prateek Mehta, CEO and Co-Founder, Upwardly.in, stated, “Scripbox was the first to get started and is an established leader in the space. We see a strong alignment on vision and what we want to achieve for our customers. We both feel that collaboration is better than the competition as we go after this joint objective. Really excited on the next chapter of the journey.”
Founded in 2012, Scripbox has grown along with its customers as the mutual fund industry has grown from $95 billion (2012) to $350 billion today. It manages over Rs 1100 crores of investments from customers across 1250+ cities and towns in India and is backed by reputed investors such as ACCEL and Omidyar Network.
Both Scripbox and Upwardly have a shared commitment to helping customers on their wealth journey with simple jargon-free solutions. In light of this merger, both companies are focused on ensuring that there is zero disruption to customers.
“The combined business is well-capitalized and has a demonstrated, sustainable revenue model. And hence, we are certain that we will be there for our customers throughout their wealth journey over a lifetime,” Sanjiv added.