Scripbox, the Bengaluru-based online investment platform, with a focus on mutual funds, is targeting an assets under management (AUM) of Rs 11,000 crore in the next five years, which would be a 10x growth.
Founded in 2012, the startup currently has AUM of around Rs 1,100 crore, which has been doubling every year for the company. The aggressive growth target set by Scripbox is based on new services, which it has introduced on its platform.
Scripbox has also created practical training tools on its platform for the consumers who can make their financial plans based on their targets like achieving the first crore corpus, emergency fund, retirement planning, children’s higher education, etc.
The starup claims the financial solutions are available within the shortest period of time due to their algorithmic model, making it fairly unbiased.
“We’ve helped people get started with a simple, jargon-free approach to investing, and now we are taking them to the next level with a more structured investing approach. We have created ready-to-use financial plans for key needs, which consumers can personalise for themselves. Our new approach takes full advantage of the trust we enjoy with investors, deep insights into how people invest, our personal finance expertise and our design and technology capabilities,” said Sanjiv Singhal, Founder of Scripbox.
According to the startup, the last few years have seen the Indian market mature both from regulatory as well consumer awareness perspectives. An increasing number of consumers today realise that mutual funds are an important building block in achieving their financial goals. Thus, a goal-oriented approach is the logical next step in helping Indians achieve financial well-being.
Today, Scripbox has consumers across 1,250 plus cities and towns in India, 70 percent of whom are first time investors, and 28 percent are women. It expects all existing customers to adopt the goal-oriented offerings by the end of the year.
Sanjiv said, “Our philosophy has always been to help people invest in the right way and these financial planning tools will help personalise for the consumers very easily.”