Scripbox a Bangalore based online mutual funds platform raised an undisclosed amount of Series B round of funding from Omidyar Network and its existing investors. Scripbox will use funds to established its trusted brand for investment and savings in mutual funds.
Scripbox was founded in 2012 by Sanjiv Singhal- former Citigroup executive. It simplifies the mutual fund investment by removing the confusions created by multiple choices. With proprietary algorithms it curates portfolio of 8 mutual funds of over 8k mutual funds across country with 3 categories including debt, tax savings and equity.
E R Ashok Kumar, CEO of Scripbox said
“We want to encourage people to explore inflation-beating instruments rather than inflation-par instruments like FDs or gold. Equities will give you a 14-15% return compared to traditional forms of investing. there is a certain level of resistance to invest in mutual funds due to poor awareness and fear of volatility that gets nullified later on after people witness the benefits of staying invested in these products. We have less than 1 crore people investing in mutual funds in the country. India has only 3-4% household penetration of mutual funds that compares poorly with mature markets like the US that has 45%.”
Currently it is present in 370 cities and towns across the country. In the last 18 months it has increased its customer base 10 fold.
In 2012 Scribox raised around $616k as seed funding from Accel Partners and angel investors which includes H S Nagaraja, S Srinivasan and Balakrishna Adiga. In August 2015 it raised $2.3 Million in its Series A round of funding from Accel Partners and Angel investers.
Its competitors includes Wealthu.in, which raised $240k in March 2016 from Zishaan Hayath of Toppr, Abhishek Goyal of Tracxn Labs, Harpreet Singh Grover of CoCubes, Gagan Dugal of Matrix Cellular and Arjun & Rohan Malhotra of Investopad.
Anuradha Ramachandran, director, Investments, Omidyar Network said
“As India moves from promoting adoption and usage of financial services to building consumers’ financial health, simplified offerings like Scripbox will become more strategi. Scripbox is set to make a fundamental difference to the way Indians save and invest in their future, turning a deep understanding of consumers’ needs into an innovative technology-led platform.”