Scripbox, an India-based digital wealth management startup, has raised USD 21 million in debt and equity in the latest funding round led by Accel Partners on 18 January 2022.
Investors: Accel Partners led the latest funding round with participation from Transpose Platform, DMI Alternative Investment Fund through The Sparkle Fund, InnoVen Capital, Trifecta Capital, KPB Family Trust, LetsVenture, Kube VC, and YY Capital LLC. In addition, many prominent angel investors, including MakeMyTrip founder Deep Kalra, Freshworks CTO Shanmugam Krishnasamy, and Dell Technologies India MD Alok Ohrie, also contributed to the round.
The Objectives behind the funding: The company plans to deploy the current proceeds to bolster its new product verticals, expand its customer base and partner with more independent financial advisors.
Founded in 2012 by Ashok Kumar, Atul Shinghal and Sanjiv Singhal, Scripbox is a digital wealth management platform built to offer a medium for mutual fund investments. The company follows a hybrid model of digital as well as financial planners to help users manage their finances. Its platform offers financial advice and buying and selling services in mutual funds and other equity shares, enabling users to get proper financial assistance and earn better investment returns. Currently, Scripbox has about 70,000 active customers who have made average investments of Rs 7 lakh through the instruments offered by the platform. As per the Company’s Co-Founder, Shinghal, the company plans to scale its total user base to 200,000 by 2025.
Scripbox has been recognised as the 2nd most influential financial services brand globally by LinkedIn and has been awarded the Financial Express’ Best Bank Award.
What the Founder has to say:
“We have been prudent with our fundraising and will use the funds to systematically acquire new customers, continue our roll-up and partnership strategy with independent financial advisors, as well as focus on growing our technology and engineering efforts,” said Atul Shinghal, Founder of Scripbox. “While we continue to leverage our technology stack to help customers with their financial needs, we also provide a human touch to a complicated subject like finance through our telephonic chats with our financial advisors.”
What the Investor has to say:
“We have backed Scripbox since its inception and continue to be super excited about their prospects,” said Subrata Mitra, partner at Accel. “Digitisation of wealth management in India is well on its way, and Scripbox, with a powerful yet simple product, is becoming a de facto leader in the category.”
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