Last month I wrote a post on the brewing trouble with Indian mutual fund platforms after the FundsIndia debacle. The post surprisingly evoked some strong sentiments. I had said that there would be a shakeout among the mutual fund platforms and looks like it has begun.
Upwardly, a regular mutual fund platform with about Rs.110.7 cr in AUM is merging with Scripbox, which manages Rs.892.4 cr according to the latest AMFI disclosure. With all the noise around direct mutual funds, it’s very hard for regular mutual funds to eke out a living. My guess is more consolidation is bound to happen sooner or later.
Here’s an email from the CEO of Scripbox
Making personal finance simple for you and helping you invest and create wealth is our reason to be. Every single decision we take is driven with the intent to deliver better investing outcomes to you.
I would like to share an exciting development at Scripbox with you. Upwardly, an online investment service like us, is merging with us. As a combined team, Scripbox becomes a bigger and better company attuned to delivering superior customer experiences.
Why the change?
Because we are better together! At Scripbox, we have always believed in doing the right thing for our customers and are pleased to find a partner in Upwardly who believes in the customer-first approach too. We’ve set ourselves an ambitious goal of helping a million Indian families retire with confidence and this merger will help us do that together.
What does this mean for you?
Nothing changes for you and there will be zero-disruption to you. We will continue to take care of you and your money and you will continue to grow your wealth with Scripbox.
More about Upwardly
Upwardly, led by Prateek Mehta, Co-founder & CEO and co-founders Prithvi Raj Tejavath & Vivek Agarwal is an investment and financial advisory platform. Founded in 2016, Upwardly services both Indians and NRIs across 700+ towns & cities in India and the diaspora across the 5 continents. Upwardly has simplified investing by creating a first-in-class user experience and assistance to their clients across the board.
We welcome team Upwardly on board and are very excited to work with them. Please feel free to write to me in case you have any concerns or thoughts.
E R Ashok Kumar,
CEO & Co-Founder