Scripting a Path To Financial Literacy Providing knowledge across Investment, Mutual Funds, and Fixed Deposit options, the fintech startup allows its customers to check out different types of wealth plans, different mutual fund options (SIP, ETF, Small Cap, Flexi Cap and ELSS) and compare different FD rates (Senior citizen and corporate).
By Paromita Gupta •
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Before fintech became the startup sector of the year around 2016, Atul Shinghal and Sanjiv Singhal established Scripbox in 2012, intending to empower people with little to no financial literacy to understand and opt for investment options backed by market research. "When the company started off, there was a lack of financial literacy and investment awareness amongst the masses. Most Indians didn't have access to reliable financial advice, and the ones who had, were not completely sure if the advice was correct," shares Atul Shinghal, founder and CEO of Scripbox. "Scripbox's aim is to make customers worry less about their money and take informed investment decisions that are tailored to their unique needs and goals," he adds.
Providing knowledge across Investment, Mutual Funds, and Fixed Deposit options, the fintech startup allows its customers to check out different types of wealth plans, different mutual fund options (SIP, ETF, Small Cap, Flexi Cap and ELSS) and compare different FD rates (Senior citizen and corporate).
The platform currently has a customer base with Assets Under Management (AUM) worth INR 13,000 crores, spread across 2550 Indian cities and towns. "We serve customers across life and wealth stages. The target persona is someone aged 42+ years, married (with children), living in metro and tier-1 cities, and having a net worth of 25L-5Cr," Shinghal notes on what their average customer is envisioned as. Scripbox boasts a 95 per cent retention rate. So what gives it an edge over its competitors? With its Fund Ranking Algorithm, Scripbox Portfolio Audit and Scripbox Smart Withdraw, Scripbox has managed to provide patent solutions to its customers to help them in their investing and wealth generation journey.
Any life lessons he would like to share about building a fintech? "Not just for a fintech but for anyone who is building a business, the shift from an employee to an entrepreneur is a massive one. So, one needs to learn to do more with less," Shinghal shares. The digital wealth management company is operating well within regulatory guidelines, has achieved profitability and aims to scale its operations through acquisition and more investment from existing customers. It plans at onboarding several regional partners to strengthen its geographic presence to cater to HNWI and Ultra HNWI.
FACTSHEET:
Amount of funding received - USD 50 Mn Approx
Year of inception - 2012
Number of employees Approx- 250
No. of app downloads 1M +
AUM or Assets under management- 13000 Cr+
