Scripbox Advisors Pvt. Ltd, which operates an eponymous online investment platform, on Wednesday said it has raised $21 million (Rs 156.5 crore) as part of its Series D funding round in a mix of equity and debt.
The funding round was led by existing investor Accel, said Scripbox in a statement.
The investment round saw 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, it added.
Angel investors who contributed to this funding round include Alok Ohrie, Balakrishna Adiga, Deep Kalra, Faiz Mayalakkara, Girish Mathrubootham, HS Nagaraja, Mukesh Singh (ZopSmart), and Shanmugam Krishnasamy.
Scripbox will use the fresh capital for product launches, brand building and customer acquisition. Part of the funds will also be deployed to partner with offline Independent Financial Advisors (IFAs), it added.
Founded in 2012 by Indian Institute of Management (IIM) graduates Sanjiv Singhal and Atul Shinghal, Scripbox uses proprietary algorithms to deliver a full stack of wealth management solutions. In the last year, Scripbox added Indian and US equities, fixed deposits, and insurance to its product offerings. It has partnered with investment platform Stockal to introduce US equities to its customers.
Scripbox claims that its assets under management (AUM) were at round Rs 5,000 crore, with cumulative transactions exceeding 8.1 million so far.
Subrata Mitra, Partner at Accel, noted that the venture capital firm has backed Scripbox since its inception.
"Digitisation 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,” added Mitra.
Digital wealth management platforms have received significant funding in India.
Just earlier this month, Satya Nadella, Chairman and CEO of Microsoft Corp., joined Indian fintech unicorn Groww as a new investor and advisor.
Groww raised $83 million in April 2021 as a part of its Series D round led by Tiger Global, which valued the company at a little over $1 billion. In October, it raised additional $251 million in its Series E funding led by IconiQ Growth, almost tripling its valuation to $3 billion.
