Scripbox, an online mutual funds investment platform, has received Series A funding of INR 16 crores from Accel Partners and a group of leading angel investors. Scripbox offers an unbiased selection of mutual funds to customers and it is one of top 100 distributors in India by net inflow in FY 2014-15. With this funding, Scripbox will further consolidate its presence and expand its customer base. This round of investment follows an earlier seed investment of INR 4 crores made by Accel Partners and Balakrishna Adiga (IT Industry Veteran); Dr H S Nagaraja (Educationist) and S. Sriniwasan (CEO, Kotak Realty fund).
Started by veterans in the finance space- Atul Shinghal, Sanjiv Singhal and WS Ravishankar- Scripbox is a 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. A finance technology company, Scripbox claims to help consumers who are confused by too much information and vague investment advice. At Scripbox, all a consumer has to do is sign up, select the category of mutual funds - equity, debt or ELSS, and start investing.
While Accel Partners has been on board from its seed funding stage, Scripbox has found validation from a host of industry stalwarts such as Deep Kalra (MakeMyTrip), Rajesh Magow (MakeMyTrip), Mohit Gupta (MakeMy Trip), Shamik Sharma (Myntra) and Subba Rao Telidevara (ex Actis Partner); who have extended their support for this Series A funding. Sanjiv Singhal, CEO, Scripbox said, "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. This funding will help us expand our operations so even more people can benefit from our services.”
Scripbox has not released any numbers in terms of the active users and growth but a general check on the web does show a steady incline in traffic on the site. Fin-tech as a sector has not been a highlight of the Indian startup ecosystem but this investment may just usher in a new wave. Online trading startups like RKSV and Zerodha have been doing fairly well and one does hear a success story here and there but a lot remains to be done.