Mumbai: Sanctum Wealth Management, a Mumbai-based wealth manager, has raised Rs73 crore from homegrown private equity fund Multiples Alternate Asset Management Pvt. Ltd.

The deal is subject to regulatory approvals, the company said in a statement.

Sanctum plans to use the proceeds to strengthen its operating platform and increase client coverage.

The wealth management firm offers a range of investment products and solutions such as investment services, estate planning solutions, real estate services and capital market solutions, to high net-worth and ultra-high net-worth individuals.

“Having set out with a vision of becoming the most trusted Indian wealth advisor, our aim is to create a robust yet agile operating platform that is so important to our clients in this fast-moving domestic economy. Over the past couple of years, we have seen significant progress towards this goal, having laid a very strong foundation in terms of our people and proposition," said Shiv Gupta, chief executive officer of Sanctum Wealth Management.

Sudhir Variyar, managing director at Multiples, will join Sanctum’s board.

“We are delighted to be associated with Sanctum at a time when unprecedented growth in personal wealth is driving the need for professional wealth management services in India," said Renuka Ramnath, managing director and chief executive of Multiples PE.

Sanctum started in 2016 through the acquisition of the Indian private banking business of Royal Bank of Scotland. The company has recently initiated coverage of international clients and plans to set up offices in Singapore and Dubai.

Last year in October, Sanctum Wealth management partnered with Equanimity Investments, a venture capital fund, to help clients diversify their portfolios by investing in early stage start-ups.