Bengaluru: Accel Partners leads a $2.4 million Series A round in Scripbox, a Bengaluru-based online mutual funds investment platform. The funding round also saw contributions from co-founders of MakeMyTrip – Deep Kalra, Rajesh Magow and Mohit Gupta and angel investors Shamik Sharma (Myntra) and Subba Rao Telidevara (former partner with PE firm Actis). With the freshly raised capital, the company plans to expand its business operations, strengthen their presence in the market and scale up its customer base.
Prior to this, Scripbox had raised Rs.4 crore in seed funding from Accel Partners and individual investors – Balakrishna Adiga (IT Industry Veteran); H S Nagaraja (educationist) and S Sriniwasan (CEO, Kotak Realty fund). This is Accel’s fourth successful investment this month; the previous ones being WizRocket Technologies ($8 million in Series A), Duetto ($30 million in Series C) and Flip Technologies ($100,000 in seed round).
Founded in 2012 by two IIM-Bangalore graduates, Sanjiv Singhal and Atul Shinghal, Scripbox helps the customers who are confused by the vast information and unclear investment plans to make a suitable decision by giving them the best practices for efficient mutual fund investments.
The customers have to first register on the company portal, select their preferred mutual fund category and start investing in the companies or sector of their choice. The company uses quantitative as well as qualitative algorithms to assist the customers to eliminate their confused/biased investment decisions while making an investment.