[Funding alert] Fintech startup Scripbox raises $21M in Series D round led by Accel Partners
Fintech startupsays it has raised $21 million in its Series D round via debt and equity from Accel Partners, and a bunch of other investors including Transpose Platform, the Sparkle Fund, InnoVen Capital, Trifecta Capital, KPB Family Trust, LetsVenture, and Kube VC, YY Capital.
A number of angels including MakeMyTrip's Deep Kalra, Freshworks' Girish Mathrubootham, Dell Tech's Managing Director and President Alok Ohrie, and others participated in the round as well.
Scripbox, founded in 2012 by Ashok Kumar and Sanjiv Singhal, said it will use the funds raised in the round to acquire new customers, expand its product roll-outs, and strengthen its IFA (independent financial advisor) partnership strategy where it could partner with IFAs to provide users tailored investing advice.
Ashok exited the firm in 2020, and Atul Singhal joined Scripbox as its CEO and founder.
In a conversation YourStory, Atul and Sanjiv told that Scripbox will also use the fresh capital to add new products like health insurance and retirement-related solutions to its portfolio.
The digital wealth management startup that helps retail investors make better, more informed investing decisions, has around Rs 5,000 crore in investments under management. Its revenue run-rate has increased 4X since FY20, it claims.
"We are on track to achieve operational breakeven before the end of this calendar year," Atul told YourStory.
Of the $21 million Scripbox has raised, $8 million of it is in venture debt for the purpose of financing the IFA onboarding and executing the partnership strategy, Atul said.
"We are partnering with and onboarding like-minded businesses that are seeking succession planning for themselves and their customers. With an enhanced digital experience, Scripbox is able to cater to these higher ticket customers efficiently and at scale."
The startup's customers hail from over 2,500 cities and towns across India, and it has processed over 8.1 million transactions to date.
In 2020, the Bengaluru-headquartered startup forayed into the international market to target NRIs, especially in the UAE and Singapore. Using digital, paperless onboarding and new KYC, Scripbox has been able to attract a lot of users to its platform in India, and abroad.
The startup has also previously raised investment from Omidyar Network and Nippon Life Global Investors Americas, among others.