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%.