The funding round was also joined by DMI Alternative Investment Fund through The Sparkle Fund, Transpose Platform, Innoven Capital, KPB Family Trust, Trifecta Capital, Kube VC, LetsVenture, and YY Capital LLC along with angel investors like Freshworks CTO Shanmugam Krishnasamy, MakeMyTrip founder Deep Kalra, and Dell Technologies India MD Alok Ohrie.
Scripbox plans to use the fresh funding to launch new products, build brand initiatives, and acquire new customers. The startup will also use the funds to partner with independent financial advisors.
According to the company, it has seen significant growth during the pandemic.
“This investment will accelerate our next phase of growth, further strengthening our market position, said Atul Shinghal, founder and CEO, Scripbox. He added, “We are spending a lot more time understanding our customers’ goals. As digitisation becomes common, there is a play for consolidation. We are leveraging tech to roll out new offerings. Wealth management is a trust business and we are focusing on brand building, customer acquisition, and accelerating our partnership strategy.”
Subrata Mitra, Partner at Accel, said, We have backed Scripbox since its inception, and continue to be super excited about their prospects. 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.
The Bengaluru-based firm was founded in 2012 by Ashok Kumar, Sanjiv Singhal, and Atul Shinghal. Scripbox owns and operates an online investment platform that distributes mutual funds in India. Its platform allows investors to buy and sell equity, debt, and tax-saving mutual fund.
The startup uses proprietary algorithms to deliver holistic wealth management solutions, as well as customized recommendations for better outcomes.
Scripbox has expanded its offerings to FDs, Term Insurance, and retirements plan too. Its cumulative transactions have exceeded US$8.1 million to date.