Bangalore based Scripbox, the online mutual fund investment company has bagged a fresh investment from new and existing investors. Accel Partners led the investment round where they infuse $21.7 million along with impact investor Omidyar Network and others.
While Accel added $13.61 million, Omidyar infused $2.61 million as per the Roc filing of Scripbox. Japanese private insurer Nippon Life Insurance Company managed NLI Strategic Venture Investment Fund also participated in the round by putting $5.23 million. Existing investor, IT veteran Balakrishna Adiga and educationist HS Nagaraja also participated in the fundraising.
Started in 2012 by Sanjiv Singhal, the total amount raised by the company now stands at $23.5 million as the valuation as per TechCircle stands around $110 million. Using the platform, users can choose the investment time frame. The app of the company provides recommendations of the best mutual funds through a robo-advisor. The users have various options like invest in equity, tax-saving equity-linked savings schemes (ELSS), debt and liquid mutual funds through a SIP (systematic investment plan) or one-time investments. The firm claims to have generated more than 2 million transactions on the platform with the investment value of 900 crores. It has a presence in 1,250 cities and towns of the country.
Scripbox competes with the likes of Nivesh, Groww, Orowealth, and Sqrrl. While the likes of Paytm, PhonePe, and MobiKwik too have launched their investment platform. Paytm launched Paytm Money while MobiKwik acquired Clearfunds last year and will soon integrate the services of the mutual fund platform with MobiKwik.
As the number of players emerges in the sector, the users will surely have some great insights from them and this will get those luring offers, as well as the competition, gets tricky in the segment.
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