Bangalore-based Scripbox, an online mutual funds investment platform has raised about 2.5 Mn (INR 16 Cr.) in Series A round of funding led by existing investor Accel Partners.
Others who have participated in this round of funding include co-founders of MakeMyTrip and top brass Deep Kalra, Rajesh Magow and Mohit Gupta, angel investors Shamik Sharma (Myntra) and Subba Rao Telidevara (former partner with PE firm Actis).
Scripbox will use the funds to expand its operations, consolidate its presence in the market and grow its customer base.
Scripbox India Pvt Ltd’s online fintech portal Scripbox was founded in 2012 by Sanjiv Singhal and Atul Shinghal. Combining a scientific methodology – principles of portfolio theory and behavioral finance, the company recommends the right portfolio of mutual funds and an easy one-click method of investing in them.
How it works:
Customer has to sign up, select a mutual fund category – equity, debt or ELSS, and start investing. The selection of funds is done by a quantitative plus qualitative algorithm to help eliminate selection biases.
In simple words, Scripbox simplifies investing by eliminating the confusion created by many choices.
On investment, Subrata Mitra, partner with Accel Partners, said, “Scripbox adopts a consumer-centric, and practical approach to building long term investing habits. This platform will play a significant role in influencing the way people manage their money and make it grow.”
In 2012 Scripbox had raised seed funding of about $616K (INR 4 Cr.) from Accel Partners and Balakrishna Adiga, H S Nagaraja and S Sriniwasan (CEO, Kotak Realty fund).
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