Sanctum Wealth, a Mumbai-based Fintech company, released a statement on Monday saying that they have received funding of Rs. 78 crore from the financial services arm of The Xander Group, which is based in Singapore. According to Sanctum, they will be using the investment for increasing their client coverage, strengthening their operating platform, and targeting more clients.
CEO of Sanctum Wealth, Shiv Gupta, said that the Xander Group funding would help them strengthen their platform and accelerate their growth. He believes that the wealth management sector in India is currently a huge opportunity and they are looking forward to their partnerships with the existing investors and Xander, with whom they share their core values.
Sanctum Wealth was established in 2016 after the Indian private banking business of the Royal Bank of Scotland acquisition. Currently, it offers wealth management services to high net-worth families and individuals in India, which includes private market solutions, real estate, and estate planning. They are managing over Rs. 16,000 crore and serving over 1,100 families.
The funding from the Xander Group will help increase the wealth management and advisory growth in the next 10 years. Xander, a well-recognized global management company, mainly focuses on emerging markets. In the past 15 years, they have made more than $3 billion investment across public, private, venture, and credit platforms and investments in India. Their investment portfolio in India includes more than 90 million sq. ft. of real estate in luxury hotels, offices, retail, residential segments, and warehouses.