Bengaluru-based Scripbox.com India Private Limited, which runs online mutual funds investment platform Scripbox, has raised Rs 16 crore in a Series-A round of funding from Accel Partners and a group of angel investors. The company plans to utilise this funding to further consolidate its presence and expand its customer base.
This round of investment follows an earlier seed investment of Rs 4 crore made by Accel Partners, IT veteran Balakrishna Adiga, educationalist H S Nagaraja and S Sriniwasan, chief executive officer of Kotak Realty Fund, in 2012.
Founded in 2012 by IIM-Bangalore alumni Sanjiv Singhal and Atul Shinghal, Scripbox is a solution that automates the best practices for effective mutual fund investments. It helps consumers, who are confused by too much information and vague investment advice, move from indecision to action.
"By being transparent, jargon-free and easy to adopt, we take away the fear from investing. This funding will help us expand our operations," Scripbox chief executive officer Singhal said in a release.
"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," said Subrata Mitra, partner with Accel Partners.