12-year-old Scripbox turns profitable with Rs 107 Cr revenue in FY25

Wealth management platform Scripbox achieved profitability in FY25, on the back of steady revenue growth and disciplined cost control, particularly a sharp reduction in ESOP-related expenses during the period.

Scripbox’s revenue from operations rose 27% to Rs 107.24 crore in the financial year ending March 2025, up from Rs 84.33 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies.

Founded in 2012, Scripbox operates a diversified revenue model, earning brokerage and commissions from mutual funds, fixed deposits, PMS, AIFs, and sovereign gold bonds. It also generates income from advisory services and lead-generation fees

The company derived 82% of its operating revenue from brokerage and commissions on mutual fund distribution, which stood at Rs 88 crore, while brokerage from PMS contributed Rs 8.66 crore in FY25. It also earned Rs 7.6 crore from investment advisory fees and Rs 1.14 crore from portfolio management service fees. The remaining revenue came from brokerage on fixed deposits, sovereign gold bonds, AIFs, and other products.

The company also earned Rs 2.06 crore from interest and gains on financial assets, taking its total revenue to Rs 109.3 crore in FY25.

On the cost side, Scripbox’s employee benefits expense, which had fallen by 32% to Rs 49.55 crore in FY25, compared to Rs 73.07 crore in FY24. The reduction was mainly due to a steep drop in ESOP-related expenses, which fell to Rs 3.48 crore from Rs 25.72 crore in FY24.

Advertisement expenses for the firm surged 2.87 times to Rs 8.35 crore in FY25, while depreciation and amortization, legal and professional fees, and subscription and membership fees were Rs 9.56 crore, Rs 9.06 crore, and Rs 4.42 crore, respectively.

The company's overall expenditure dwindled by 29% to Rs 95.82 crore in the last fiscal (FY25) from Rs 134 crore in FY24.

On the bottom line, Scripbox posted a profit of Rs 12.77 crore in FY25, supported by a sharp reduction in non-cash ESOP expenses. In FY24, the company had reported exceptional gains of Rs 48.8 crore from the surrender or cancellation of ESOPs, which made it appear profitable; excluding this non-cash item, Scripbox would have recorded a loss of Rs 44.7 crore in FY24.

The company’s EBITDA margin and ROCE improved, turning positive at 20.47% and 14.5%, respectively. At a unit level, Scripbox spent Rs 0.89 to generate one rupee of operating revenue in FY25.

The firm held only Rs 58 lakh in cash and bank balances at the end of FY25, while its current assets stood at Rs 31 crore during the same period.

According to  startup data intelligence platform TheKredible, Scripbox has raised over $55 million to date and holds a valuation of around Rs 1,150 crore (approximately $137 million). Its investors include Accel, LetsVenture, DMI, and others.

12 years after it launched, the fact that it’s surrendered ESOP’s that have pushed Scripbox into profits is a testament to the fact that the firm seems to have fallen well behind peers in profiting from the fintech wave. It has been 12 years during which the financialisation of savings has been rapid, with strong growth seen in assets with Mutual Funds, equity investing and other financial products. Its mainstay, mutual fund investing will also be under pressure as proposed new rules on fees and commissions take hold at some stage. The last valuation is surely under threat, considering the sea change in the financial landscape over the past few years, and Scripbox is surely under pressure to showcase a winning product or look for a buyer. Not a happy situation to be in, but not so unusual for early pioneers who can fail to spot changing tides in the job of managing daily operations.