Bengaluru-based Scripbox, an online mutual funds investment platform, recently announced to raise Rs 16 crore in its Series A round of funding from Accel Partners and a group of leading angel investors. This round of investment is followed by an earlier seed investment of Rs 4 crore made by Accel Partners, IT industry veteran Balakrishna Adiga, Educationist Dr H S Nagaraja, and CEO of Kotak Realty Fund S. Sriniwasan. With this funding, the venture will further consolidate its presence and expand its customer base.
Commenting on the investment, Subrata Mitra, Partner, Accel Partners said, “Scripbox adopts a consumer-centric, and practical approach to building long term investing habits. This platform will play a significant role in influencing the way people manage their money and make it grow.”
Started by veterans in the finance space – Atul Shinghal, Sanjiv Singhal and WS Ravishankar, Scripbox offers simple solution that automates all the best practices for effective mutual fund investments. It adopts a scientific methodology for recommending the right portfolio of mutual funds.
The company recommended portfolio has performed consistently well over the years. "Scripbox simplifies personal finance for the common man. By being transparent, jargon free and easy to adopt, we take away the fear from investing. Consumers love our easy to use website and friendly customer service,” said Sanjiv Singhal, CEO, Scripbox.
The company helps consumers, who are confused by too much information and vague investment advice, move from indecision to action. All a consumer has to do is sign up, select the category of mutual funds - equity, debt or ELSS, and start investing with confidence. An unbiased selection of mutual funds and excellent customer support has made Scripbox one of top 100 distributors in India by net inflow in FY 2014-15.
"Scripbox is building a trustworthy and widely accessible online brand that consumers can rely on for guidance and investments. This is going to disrupt and change how Indian families invest their savings," said Deep Kalra, Founder & CEO, MakeMyTrip.
While Accel Partners has been on board from its seed funding stage, Scripbox has found tremendous validation from a host of industry stalwarts such as – Rajesh Magow, Co-founder of MakeMyTrip; Mohit Gupta, COO of MakeMy Trip; Shamik Sharma, Chief Technology and Product Officer of Myntra; and Subba Rao Telidevara, Partner at LotusPool.