Fintech startup Scripbox has raised $21 million in its Series D round led by Accel Partners. Transpose Platform, DMI Alternative Investment Fund through The Sparkle Fund, InnoVen Capital, Trifecta Capital, KPB Family Trust, LetsVenture, Kube VC, and YY Capital LLC have also participated in the fundraising.
The company had raised Rs 151 crore (about $21 million) in a 2019 funding round that was also led by Accel Partners.
According to the Bengaluru-based company, the funds will be used to ramp up its new product verticals, expand its customer base and partner with more independent financial advisors.
Founded in 2012 by Ashok Kumar and Sanjiv Singhal, Scripbox helps retail investors make better, more informed investing decisions, and has around Rs 5,000 crore in investments under management.
Despite the launch of new verticals—including insurance, fixed deposits, domestic stockbroking—last year, mutual fund investments still contribute to almost 90% of the total assets managed by the startup.
The startup claims to have around 70,000 active customers who have made average investments of Rs 7 lakh through the instruments offered by the platform. By 2025, the company looks to scale its total user base to 200,000.
