Sanctum Wealth, a Mumbai-based fintech startup, has raised Rs 78 crore in funding from The Xander Group’s Singapore-based financial services arm.

The fintech startup plans to use the raised funds to target more clients and increase client coverage. Additionally, the startup plans to use the funds to strengthen its operating platform.

Sanctum Wealth | Indian Wealth Management Firm

Launched in 2016, following the acquisition of the Royal Bank of Scotland’s Indian private banking business, Sanctum offers end-to-end wealth management solutions to Indian high net-worth individuals. The Mumbai-based fintech offers services like estate planning, real estate, and private market solutions, among others, to HNIs.

Speaking on the development, Shiv Gupta, CEO of Sanctum, said, 

“Our partnership with 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. The Indian wealth management sector represents a huge structural opportunity, and we look forward to working with Xander and our existing investors…”

With six branches in India, Sanctum Wealth currently manages more than Rs 16,000 crore for more than 1,100 high net-worth families in India and abroad. 

In 2018, Sanctum had raised Rs 73 crore from private equity fund Multiples Alternative Asset management. Around the same time, the Mumbai-based fintech startup initiated coverage of international clients and outlined plans to set up offices in Singapore and Dubai.

Commenting on the development, Sid Yog, Founder of The Xander Group, said,

 “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.”

Global investment firm Xander has invested over $3 billion of equity to India across private, public, credit and venture investments and platforms since 2005. Xander portfolio of investments in India includes over 90 million square feet of real estate in offices, luxury hotels, retail, warehouses and residential segments.

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