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The funding round also saw participation from existing investors including Lightspeed India Partners and Burman Family Office, among others.
The company will use the fresh capital to expand its network of wealth creators, and enhance its AI-powered wealth management platform, among others.
The investment comes soon after Neo secured funding from TVS Capital earlier in March.
Swaminathan has been part of Scripbox since 2016, beginning his journey in a growth-focused role.
The Mumbai-based company will use the fresh capital for growth initiatives and for operational purposes.
Alphawave Global and Shepherd’s Hill Group participated in the funding round.
The anchor round saw participation from 17 domestic mutual funds, including HDFC, Kotak, SBI and Axis Bank.
Other existing investors Elevation Capital and Z47 also participated in the funding round.
The funding round was led by two UK family offices and supported by returning investors Unbound and Valar Ventures.
The acquisition, which is pending regulatory approval from Sebi, is expected to finalise within two to three months.
The talks between Fisdom and Groww are early as the stock broking major is also in negotiations with a few other firms for a potential investment or acquisition.
The new unit will cater to high-net-worth individuals by offering portfolio management services and alternative investment funds to its 15 million users.
Deciml, which uses its round-up feature to automatically invest spare change from users’ daily transactions into mutual funds, is Jainam Broking's first startup investment.
Post acquisition, InCred Global Wealth will manage assets exceeding $2 billion across Dubai, Singapore, and London.
This spin-off will allow PowerUp to focus entirely on wealth management, while Uni Cards continues to focus in the lending space.
Scripbox's overall expenses was reduced by 25% to Rs 134.24 crore in FY24 from Rs 179.4 crore in FY23.
The company reported Rs 1,009 crore in revenue for FY23. However, when it filed its FY24 financials, the FY23 numbers were reflected as Rs 10.22 crore only.
