Online trading and financial services company, Karvy has acquired the Wealth management business of itrust financial advisors (read our coverage of iTrust), a startup based out of Gurgaon.
Recently, Personal finance startup, RupeeTalk was acquired by NetAmbit, a financial services distribution company.
So it seems that offline business is now realizing the significance of Internet world (for reach). The online players, in their current form are looking to expand into the offline world for distribution. And hence the match.
— More details on Karvy/iTrust deal later today (share details, if you are in the know of).
Recommended Read: An Entrepreneur’s Tale of Loss, Provident Fund and Lessons Learnt
A Look at Past: 2010–The ‘Dabangg’ Year for Indian Internet Startups.
Update: Here is the Press Release.
Karvy Group today, through its wealth management arm, Karvy Private Wealth, acquired the wealth management business of iTrust Financial Advisors, one of India’s leading independent financial service firms, with operations in Delhi/NCR, Bangalore and Hyderabad.
iTrust was founded in 2006 by Dhruv Agarwala and Kartik Varma, classmates from Harvard Business School. Since inception, iTrust has developed a unique worksite model and is the financial service provider of choice to employees of over 150 of India’s largest employers in the IT, ITES and service sectors, with a reach of over 400,000 employees. It is one of the largest paid-for financial planning companies and is also one of the largest branded tax preparation and filing businesses for salaried employees in the country. As a recognized thought leader in personal finance, iTrust has also been a key knowledge partner to various websites, newspapers and TV companies. In the online world, iTrust runs India’s most popular and highest visited personal finance website,
Commenting on the transaction, Hrishikesh Parandekar, CEO, Karvy Private Wealth said, “We are delighted to bring the iTrust family into Karvy. The iTrust founders have built one of India’s leading independent financial service businesses, using cutting edge technology to best fulfill the emerging financial needs of middle class Indians. We are excited to use iTrust to scale up our wealth
management business across some key cities of India, and to use the iTrust.in platform to get an online channel and to use their expertise to enter the tax preparation and filing business.”
“With the income of Indian families rising at a fast pace, there is a great need for financial planning and management of one’s financial affairs. All our efforts have been to assist Indian families make smarter financial decisions in order to create long-term wealth. As a part of the Karvy family, iTrust’s clients will now benefit from Karvy’s suite of proprietary products and stock broking platform to help them achieve their financial goals”, said Dhruv Agarwala.
Kartik Varma added that “it’s a special time for every client, employee, product partner associated with iTrust as it joins the Karvy family. Dhruv and I would like to thank our clients for giving us the privilege to serve them and look forward to them benefitting from Karvy’s wide array of products and services.”
Karvy Group today, through its wealth management arm, KarvyPrivate Wealth, acquired the wealth management business of iTrust Financial Advisors, one of India’sleading independent financial service firms, with operations in Delhi/NCR, Bangalore and Hyderabad.