Bangalore based financial technology startup Scripbox has raised a Series A funding of $2.49 million (Rs.16 crore) from Accel Partners and a group of angel investors.
Raised investment will be used to expand its operations, strengthen its presence in the market and grow its customer base.
Apart from Accel, MakeMyTrip co-founders, Deep Kalra, Rajesh Magow and Mohit Gupta also participated in the funding round along with other angel investors such as Shamik Sharma (Myntra) and Subba Rao Telidevara (former partner with PE firm Actis).
Founded in 2012 by IIM Bangalore alumnus Sanjiv Singhal and Atul Shinghal, Scripbox is an online mutual fund investment platform. It adopts a scientific methodology for recommending the right portfolio of mutual funds. All a consumer has to do is sign up, select the category of mutual funds – equity, debt or ELSS, and start investing. In 2012, Scripbox had raised seed funding of Rs 4 crore from Accel Partners and Balakrishna Adiga (IT Industry Veteran), H S Nagaraja (educationist) and S Sriniwasan (CEO, Kotak Realty fund).
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.”