Online Wealth Manager Scripbox secures $21 million from Accel Partners & Others
In a funding round led by Accel Partners, online wealth manager Scripbox has secured $21 million in debt and equity.
Angel investors such as MakeMyTrip founder Deep Kalra, Freshworks CTO Shanmugam Krishnasamy, and Dell Technologies India MD Alok Ohrie participated in the fundraising, as did DMI Alternative Investment Fund through The Sparkle Fund, InnoVen Capital, Trifecta Capital, KPB Family Trust, LetsVenture, Kube VC, and YY Capital LLC.
The funds will be used to build the company's new product verticals, expand its customer base, and work with more independent financial advisors, according to the Bengaluru-based firm.
To assist consumers with managing their finances, Scripbox uses a hybrid approach of digital and financial planners. Despite the addition of additional verticals last year, such as insurance, fixed deposits, and domestic stockbroking, mutual fund investments still account for about 90% of the total assets managed by the business.
In a fundraising round led by Accel Partners in 2019, the company raised Rs 151 crore (about $21 million).
“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, Scripbox's creator.
“While we continue to leverage our technology stack to help customers with their financial needs, we also provide human touch to a complicated subject like finance through our telephonic chats with our financial advisors.”
Scripbox employs 35-40 on-the-ground financial advisors who also serve as customer acquisition channels for the fintech business. Scripbox made a strategic investment in Mitraz Financial, a Sebi-registered financial advising firm, in December of last year.
Scripbox, according to Shinghal, will continue to invest and work with more financial advisors in order to strengthen the platform. Wealth advisory accounts for about a quarter of the startup's total revenue.
Scripbox currently has around 70,000 active users who have invested an average of Rs 7 lakh through the platform's instruments. According to Shinghal, the company plans to increase its entire user base to 200,000 by 2025.
Scripbox has registered around 8.1 million transactions on its platform since its start, with Rs 5,000 crore in assets under management.
“We have backed Scripbox since its inception, and continue to be super excited about their prospects,” says 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.”
Angel investors such as MakeMyTrip founder Deep Kalra, Freshworks CTO Shanmugam Krishnasamy, and Dell Technologies India MD Alok Ohrie participated in the fundraising, as did DMI Alternative Investment Fund through The Sparkle Fund, InnoVen Capital, Trifecta Capital, KPB Family Trust, LetsVenture, Kube VC, and YY Capital LLC.
The funds will be used to build the company's new product verticals, expand its customer base, and work with more independent financial advisors, according to the Bengaluru-based firm.
To assist consumers with managing their finances, Scripbox uses a hybrid approach of digital and financial planners. Despite the addition of additional verticals last year, such as insurance, fixed deposits, and domestic stockbroking, mutual fund investments still account for about 90% of the total assets managed by the business.
In a fundraising round led by Accel Partners in 2019, the company raised Rs 151 crore (about $21 million).
“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, Scripbox's creator.
“While we continue to leverage our technology stack to help customers with their financial needs, we also provide human touch to a complicated subject like finance through our telephonic chats with our financial advisors.”
Scripbox employs 35-40 on-the-ground financial advisors who also serve as customer acquisition channels for the fintech business. Scripbox made a strategic investment in Mitraz Financial, a Sebi-registered financial advising firm, in December of last year.
Scripbox, according to Shinghal, will continue to invest and work with more financial advisors in order to strengthen the platform. Wealth advisory accounts for about a quarter of the startup's total revenue.
Scripbox currently has around 70,000 active users who have invested an average of Rs 7 lakh through the platform's instruments. According to Shinghal, the company plans to increase its entire user base to 200,000 by 2025.
Scripbox has registered around 8.1 million transactions on its platform since its start, with Rs 5,000 crore in assets under management.
“We have backed Scripbox since its inception, and continue to be super excited about their prospects,” says 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.”
