Kristal Advisors Pvt. Ltd, which runs asset management platform Kristal.AI, on Wednesday said it has acquired global investment platform Globalise for an undisclosed amount.
With this buyout, Kristal.AI will enable retail investors to back global products through fractional investments.
“Globalise was created with a vision to make every Indian investor access global products. The merger helps us deliver access to premium global products. We couldn't have found a better home than Kristal.AI for our customers, partners, and team to continue living our vision,” said Viraj Nanda, CEO and Co-Founder of Globalise.
Globalise will assist in democratising private wealth management and Kristal.AI expects to cater to the large segment of DIY investors and further help in asset allocation and wealth planning, said a statement.
It added that Globalise customers will continue to experience the same pricing or product.
Over the next few months, Kristal.AI and Globalise will work together to integrate product flows and customer accounts.
Founded in 2021 by Vikas Nanda and Viraj Nanda, Globalise enables customers to access international financial markets and gives investors a choice of around 5,500 stocks and exchange-traded funds (ETFs).
In November 2021, it raised an undisclosed amount in its seed round from Whiteboard Capital and Credit Saison, and other investors.
“Today Kristal.AI enjoys a leading position in the global investment space and is a preferred choice for the affluent segment. The acquisition of Globalise is complementary as it will help us offer stock and ETF investing with no minimum requirement for the affluent and retail segments.
The buyout will help us penetrate the retail segment and deliver on our mission to bring access to best-in-class products and advisory within the reach of everyone," said Asheesh Chanda, Founder and CEO, Kristal.AI.
Founded in 2016, Kristal.AI is a digital-first private wealth advisory and fund management group that provides access to premium products and advisory services to institutional and accredited investors across more than 20 countries. It has $400 million of assets under management.
The startup raised $6 million (approximately Rs 42.61 crore) in its Series A funding round in January 2020.