MUMBAI: Sanctum Wealth Management today announced an investment of Rs 78 crore in the company from Xander Group, a press statement by the company said.
The wealth management company, which manages assets worth Rs 16,000 crore, aims to use the funds to strengthen its operating platform and improve its client coverage.
“The Xander Group, with whom we share our core values and see many synergies, should allow us to accelerate our growth and further strengthen our platform,” said Shiv Gupta, CEO at Sanctum Wealth.
The fund raising by Sanctum comes at a time when prospects for the country’s wealth management space has improved dramatically due to an influx of millions of first-time investors in the equity market since the start of the COVID-19 pandemic.
"We are big believers in the structural opportunities being created in the Indian financial services space by a young, upwardly mobile, and entrepreneurial population, against the backdrop of deepening reforms and positive regulatory change,” said Sid Yog, founder of Xander Group.