Exclusive: Wealth Management Startup Scripbox Raises $10.5 Mn As Part Of Series D Round

Exclusive: Wealth Management Startup Scripbox Raises $10.5 Mn As Part Of Series D Round

SUMMARY

Accel Partners, NLI Investment Fund, KPB Family Trust participated in this round of funding

The investment comes almost two years after it closed Series C round worth $21.4 Mn

Scripbox competes with Zerodha, Paytm Money, Upstox, ETMONEY, Amazon-backed Smallcase and other traditional brokerage and investment firms.

Bengaluru-based Scripbox, an online mutual fund investment startup, has raised $10.5 Mn as part of Series D funding round from its existing investors Accel Partners, NLI Investment Fund, and KPB Family Trust. 

As per the regulatory filings accessed by Inc42, the startup is allotting 3,57,224 Series D compulsory convertible preference shares. Of the $10.5 Mn raised, Accel India will be investing $7 Mn. 

The investment comes almost two years after it had closed its Series C round worth $21.4 Mn  led by its existing investor Accel Partners, with participation from Omidyar Network and NLI Investment Fund.

Founded by Ashok Kumar and Sanjiv Singhal in 2012, it simplifies mutual fund investment for salaried professionals. Kumar left the company in 2020 and is now a part-time advisor at GiveIndia, according to his Linkedin profile. Atul Singhal now leads the company as a CEO and founder. 

The startup claims to utilise proprietary algorithms to deliver a full-stack of wealth management solutions from US equities and insurance to holistic portfolio construction and financial advisory.

Scripbox closed its undisclosed Series B round in 2016. The startup raised its  Series A round worth $2.5 Mn in 2015 from Accel Partners along with angel investors such Deep Kalra, Rajesh Magow, Mohit Gupta,  Shamik Sharma,  among others. 

Scripbox competes with Zerodha, Paytm Money, Upstox, ETMONEY, Amazon-backed Smallcase and other traditional brokerage and investment firms.

This week, Groww raised $251 Mn, tripling its valuation to $3 Bn. Groww had entered the unicorn club earlier this year when it raised $83  Mn in its Series D round  led by Tiger Global along with participation from existing investors such as Sequoia Capital and Ribbit Capital.

The Indian investment tech market is poised to grow to over $60 Bn by FY25, from its current market size of $20 Bn.  At present, India has the highest fintech adoption rate at 87% against a global average of 64%.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Exclusive: Wealth Management Startup Scripbox Raises $10.5 Mn As Part Of Series D Round-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Exclusive: Wealth Management Startup Scripbox Raises $10.5 Mn As Part Of Series D Round-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Exclusive: Wealth Management Startup Scripbox Raises $10.5 Mn As Part Of Series D Round-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Exclusive: Wealth Management Startup Scripbox Raises $10.5 Mn As Part Of Series D Round-Inc42 Media
Exclusive: Wealth Management Startup Scripbox Raises $10.5 Mn As Part Of Series D Round-Inc42 Media
You’re in Good company