Fintech startup Scripbox announces Series A Funding

Scripbox, an online mutual funds investment platform, has received Series A funding of INR 16 crores from Accel Partners and a group of leading angel investors. An unbiased selection of mutual funds and excellent customer support has made Scripbox one of top 100 distributors in India by net inflow in FY 2014-15. With this funding, Scripbox will further consolidate its presence and expand its customer base.

Scripbox is a simple solution that automates all the best practices for effective mutual fund investments. It adopts a scientific methodology for recommending the right portfolio of mutual funds. The Scripbox recommended portfolio has performed consistently well over the years.

Scripbox helps consumers, who are confused by too much information and vague investment advice, move from indecision to action. All a consumer has to do is sign up, select the category of mutual funds - equity, debt or ELSS, and start investing with confidence.

Sanjiv Singhal, CEO, Scripbox said, "Scripbox simplifies personal finance for the common man. By being transparent, jargon free and easy to adopt, we take away the fear from investing. Consumers love our easy to use website and friendly customer service. This funding will help us expand our operations so even more people can benefit from our services.”

Subrata Mitra, Partner with Accel Partners said, “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.”

"Scripbox is building a trustworthy and widely accessible online brand that consumers can rely on for guidance and investments. This is going to disrupt and change how Indian families invest their savings. I am very excited to be part of this journey." said Deep Kalra, Angel Investor.

While Accel Partners has been on board from its seed funding stage, Scripbox has found tremendous validation from a host of industry stalwarts such as Deep Kalra (MakeMyTrip), Rajesh Magow (MakeMyTrip), Mohit Gupta (MakeMy Trip), Shamik Sharma (Myntra) and Subba Rao Telidevara (ex Actis Partner); who have extended their support for this Series A funding.

This round of investment follows an earlier seed investment of INR 4 crores made by Accel Partners and Balakrishna Adiga (IT Industry Veteran); Dr H S Nagaraja (Educationist) and S. Sriniwasan (CEO, Kotak Realty fund).

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