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Full Stack Wealth Management Platform Sanctum Wealth Raises INR 78 Cr From The Xander Group

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Mumbai-based full stack wealth management platform Sanctum Wealth has raised INR 78 Cr from global investment firm The Xander Group, Inc. to strengthen its operating platform and increase its client coverage.

The investment has been made through Xander’s Singapore-based financial services arm.

The wealth management platform oversees more than INR 16,000 Cr in high-net-worth client assets and operates across six cities in India.

Sanctum Wealth began its operations in April 2016 through the acquisition of the Royal Bank of Scotland’s Indian private banking business. It provides a range of wealth management services to high net-worth individuals in India and abroad. These include investment services, estate planning solutions, real estate services and private market solutions.

In 2018, Sanctum had raised INR 73 Cr from Multiples Alternate Asset Management Private Limited.

Shiv Gupta, CEO, Sanctum, said, “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 Alternate Asset Management, to take our franchise to the next level in scope and scale.”

Zanskar Advisors were the investment bankers for the transaction.

The Xander Group, Inc. is a global investment firm focused on emerging markets. Since 2005, the firm has committed over $3 Bn of equity to India across private, public, credit and venture investments and platforms.

According to Inc42 Plus, India’s online trading market is set to reach $14.3 Bn by 2025. Over the years, India has seen the launch of 400+ wealth management startups that have managed to raise over $379.2 Mn in funding between 2015 and 2020.

Earlier this year, Groww became the second Indian wealth management startup to enter the unicorn club after it raised $83 Mn round.