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Fintech startup Altiore to be acquired by IIFL's wealth management arm

Fintech startup Altiore to be acquired by IIFL's wealth management arm
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IIFL Wealth Management Ltd, a unit of financial services company IIFL Holdings, has announced in a stock-exchange filing that it has agreed to buy Bengaluru-based fintech firm Altiore Capital for Rs 9.2 crore (around $1.2 million at current exchange rates).

Altiore Capital, run by Altiore Advisors Pvt. Ltd, was launched in October 2016 by Vivek Banka. Before that, Banka was an IIFL Wealth Management employee for six years. 

According to its website, Altiore integrates technology, data and advice into an online platform that allows users to effectively and efficiently manage their net worth by providing data across asset classes. The company had rolled out its flagship product in February last year and had not raised any external funding.

The wealth management arm of IIFL (formerly India Infoline) was launched in 2008. The firm was largely known for wealth management services, besides real estate-focussed private equity funds and hedge funds. However, it has been slowly building up its alternative investment practice. Over the past year, it has focussed on raising a large corpus for pre-IPO investments. IIFL Wealth also has a seed fund.

In June, IIFL Wealth Management decided to raise Rs 745.71 crore (about $110 million then) from investors including Hong Kong-based Ward Ferry and existing private equity backer General Atlantic.

Headquartered in Mumbai, IIFL Wealth has 14 offices in cities including Ahmedabad, Bengaluru, New Delhi and Pune. It also has a presence through subsidiaries in many global financial hubs.

Earlier this year, IIFL Holdings Ltd said it was heading for a three-way split to create two new entities, IIFL Wealth and IIFL Securities, and would get all the companies listed on the bourses,

After the demerger, the wealth business will include the investment advisory division and wealth management service offerings for corporate clients

The unit had contributed Rs 834 crore to IIFL Holdings’ total income in 2016-17.

As of December 2017, investment firm Fairfax India Holdings held a 35.49% stake in IIFL Wealth’s parent, IIFL Holdings.

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