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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