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Sanctum Wealth raises Rs 78 Cr from The Xander Group

sanctum wealth funding

Sanctum Wealth announced that it has raised Rs 78 crore from The Xander Group’s Singapore-based financial services arm.

The Mumbai-based company plans to use the freshly raised funds to target more clients and improve client coverage, besides strengthening its operating platform.

Speaking about the funding, 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.”

Founded in 2016 after the acquisition of the Royal Bank of Scotland’s Indian private banking business, Sanctum offers wealth management services including estate planning, real estate, and private market solutions, among others, to Indian high net-worth individuals.

At present, the venture manages over Rs 16,000 crore for 1,100+ high net-worth families in India and abroad. It has six branches in India.

Commenting on the investment, 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.”

“This will result in exponential growth in wealth advisory and management over the next decade,” he added.

Xander is a global investment firm that is targeted at emerging markets. Since 2005, it has invested more than $3 billion of equity to India across private, public, credit, and venture investments and platforms.

Sanctum had earlier raised Rs 73 crore from private equity fund Multiples Alternative Asset management in 2018.

Sanctum Wealth seems to have come a long way since its launch. I’m sure the company will continue to reach new pinnacles of success in its journey ahead. My best wishes to the team of Sanctum Wealth.

Shishir Gupta, Founder and CEO, StartupLanes

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