Scripbox, a Bengaluru, India-based online wealth manager, has raised $21m in a funding round led by Accel Partners.
The fundraising round has seen participation of DMI Alternative Investment Fund through The Sparkle Fund, Transpose Platform, Trifecta Capital, KPB Family Trust, LetsVenture, Kube VC, InnoVen Capital, and YY Capital, besides angel investors such as Freshworks CTO Shanmugam Krishnasamy, Dell Technologies India MD Alok Ohrie and MakeMyTrip founder Deep Kalra.
The firm plans to use the $21m raised in debt and equity to bolster its customer base, new product verticals, and team up with independent financial advisors.
Following a hybrid approach of digital as well as financial planners, Scripbox aids users to manage their finances.
Even though new verticals have been launched including insurance, fixed deposits, domestic stockbroking in 2021, mutual fund investments continues to make up approximately 90% of the total assets managed by the firm.
In a 2019 funding round, the startup had raised around $21m. This round was also led by Accel Partners.
Scripbox founder Atul Shinghal told Economic Times: “We have been prudent with our fundraising and will use the funds to systematically acquire new customers, continue our roll-up and partnership strategy with independent financial advisors as well as focus on growing our technology and engineering efforts.
“While we continue to leverage our technology stack to help customers with their financial needs, we also provide human touch to a complicated subject like finance through our telephonic chats with our financial advisors.”
In December 2021, Scripbox announced a strategic investment in Mitraz Financial, an investment advisory firm.
Shinghal added that Scripbox will continue investing and teaming up with more wealth advisors to strengthen its platform.
Wealth advisory makes up approximately 20% of its total revenue.
Currently, Scripbox has around 70,000 active customers, and over the next three years, it plans to scale up its total user base to 200,000.
In the months to come, the firm is also looking to introduce a loan against securities product.
So far, Scripbox has tapped around 8.1 million transactions on its platform and has Rs50bn of assets under management.