India’s Scripbox raises $21m in funding round backed by Accel, Omidyar

Photo: Reuters

Online mutual fund investment platform Scripbox has raised Rs 151.2 crore ($21 million) in a Series C round of funding led by Trusted Insight, a networking platform for fund managers and institutional investors, per data research platform paper.vc.

The round also saw the participation of existing investors Omidyar Network and Accel Partners. According to an Economic Times report, NLI Investment Fund, a fintech-focused venture fund operated by asset management firm Nippon Life Global Investors Americas Inc, also took part in the round.

Scripbox’s post-money valuation stood at $110 million (Rs 775.20 crore), TechCircle estimated.

The company could not be reached for comment at the time of publishing.

The startup had last raised an undisclosed amount from Omidyar and Accel in 2016. Accel Partners had led a $2.5-million Series A round for the startup in 2015.

Founded in Bengaluru in 2012, Scripbox claims to have executed 2 million transactions and manage about Rs 900 crore in total assets. It has a presence in about 1,250 cities.

Scripbox competes with the likes of Piggyy, CashRich, Fisdom and Groww in the mutual fund investment space. Bigger players operating in the segment include Paytm Money and ET Money.

In November last year, CashRich, owned by Mumbai-based CR Fintech Pvt. Ltd, raised $1 million in angel funding from three UK-based individuals. Groww raised $1.6 million in a pre-series A round from investors including Insignia Ventures Partners, Lightbridge Partners and Kairos in July while Fisdom raised Rs 25 crore in a Series B round led by Quona Capital, with participation from existing investor Saama Capital in November 2017.

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India Dealbook: Lightspeed leads $20m round for MagicPin; ShoeKonnect, CashRich raise funds

India Digest: Info Edge backs Zippserv; Groww raises $1.6m; SynThera secures seed funding

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.