The newly raised funds will be used for expanded product roll-outs, brand building and customer acquisition, and the IFA partnership strategy.
Scripbox, India’s pioneering digital wealth manager, today announced that it has raised USD 21 million in a combination of equity and debt for its series-D funding. The round is led by Accel Partners, with participation from Transpose Platform, DMI Alternative Investment Fund – The Sparkle Fund, InnoVen Capital, Trifecta Capital, KPB Family Trust, LetsVenture, Kube VC, and YY Capital LLC. This round also saw the support of a number of reputed angels, including Alok Ohrie, Balakrishna Adiga, Deep Kalra, Faiz Mayalakkara, Girish Mathrubootham, HS Nagaraja, Mukesh Singh (ZopSmart), and Shanmugam Krishnasamy. The Raine Group was the exclusive financial advisor to Scripbox for the round. The newly raised funds will be used for expanded product roll-outs, brand building and customer acquisition, and the IFA partnership strategy.
Previously, Scripbox has raised capital from marquee investors such as Accel Partners, Omidyar Network, and Transpose Platform, among others. The company has grown aggressively through the COVID period, and its Assets Under Management (AUM) stand at close to INR 5,000 crores, with cumulative transactions exceeding 8.1 million to-date. As a digital first wealth manager, Scripbox uses the power of science, data, maths, technology, its proprietary algorithms, and personalised relationships to deliver better customer outcomes.
In the last year, Scripbox has both deepened and widened its product offering by adding Indian and US Equities, Fixed Deposits, and Insurance to its spectrum of wealth solutions. The company partnered with Stockal to introduce US equities to its customers, with Axis Bank to offer Fixed Deposits, and with Max Life and HDFC Life to offer curated term life plans.
These new offerings are being rapidly rolled out to cater to customers seeking additional investment avenues for their wealth management and diversification needs. The company is also partnering with offline Independent Financial Advisors and providing their higher ticket customers with a superior product and digital experience. These partnerships have proven successful and strengthened Scripbox’s geographic footprint and referencability in a rapidly expanding and evolving digital wealth market.
“Our latest round of funding is a testament to our successful journey so far, and reaffirms our approach to delivering long term value to our customers. By combining technology with human touch, we have built deep trust relationships with our client base, helping them grow their wealth prudently and achieve their financial goals systematically. We are thrilled to have India’s leading investors, who bring first-hand experience of working with innovative, high-growth companies, repose their faith in us. This investment will accelerate our next phase of growth, further strengthening our market position”, said Atul Shinghal, Founder & CEO, Scripbox.
Subrata Mitra, Partner at Accel, said, “We have backed Scripbox since its inception, and continue to be super excited about their prospects. Digitization of wealth management in India is well on its way, and Scripbox, with a powerful yet simple product, is becoming a de facto leader in the category.”
Source: Business World