Online financial services startup Scripbox makes international foray to target NRI segment
Scripbox, the Bengaluru-headquartered online investment services startup with a focus on mutual funds, has forayed into the international market to target non-resident Indians (NRIs), especially those living in the UAE and Singapore.
Scripbox, which currently has assets under management (AUM) of Rs 1,500 crore, will offer curated products for the NRI segment. For example, the Wealth Edge plan that will be available for non-US based NRIs provides them with an opportunity to invest in US equities.
Atul Shinghal, co-founder & CEO, Scripbox.
“Scripbox has enjoyed the trust of NRIs on its platform organically so far. We recognise the rising demand from this segment who have an unfulfilled need for structured wealth creation in India through systematic investing in financial assets. Scripbox provides NRIs a hassle-free way to tap this opportunity for growth and diversification of their wealth,” said, Atul Shinghal, Founder and CEO of Scripbox.
According to Scripbox, there is a need for better financial planning post COVD-19, and the changing preferences of NRIs to diversify their investment portfolio in India prompted this expansion.
Scripbox allows for 100 percent paperless onboarding, new KYC, and status change from Resident Indian (RI) to Non-Resident Indian (NRIs), as well as provides support for PIOs, OCIs, and Mariners.
The move by Scripbox to target NRI customers gives them the opportunity to diversify the wealth generation requirements. The startup is also planning to come with a new plan for the NRIs in the US which will allow them to make equity investment in India.
Founded in 2012, Scripbox offers wealth management services with a major focus on mutual funds. It has cumulatively raised around $23.5 million in funding with investors such as Accel and Omidyar Network.
In August last year, Scripbox had acquired Upwardly — an investment and advisory platform with focus on mutual funds — which was founded in June 2016.
In an earlier interaction with YourStory, Scripbox Co-founder Sanjiv Singhal had spoke about aggressive growth plans for the company with a target of having AUM of Rs 11,000 crore in the next five years.