Wealth management company Scripbox has raised $21 million in Series D funding from Accel Partners along with the participation of Transpose Platform, DMI Alternative Investment Fund - The Sparkle Fund, InnoVen Capital, Trifecta Capital, KPB Family Trust, LetsVenture, Kube VC and YY Capital LLC. 

This round is a combination of equity and debt funding, and has also saw the participation of angel investors such as Alok Ohrie, Balakrishna Adiga, Deep Kalra, Faiz Mayalakkara, Girish Mathrubootham, HS Nagaraja, Mukesh Singh (ZopSmart), and Shanmugam Krishnasamy. With this, the company has raised a total of $47.8 million in funding across multiple rounds.

Speaking to BusinessLine about the fundraise, Atul Shinghal, Founder and CEO, Scripbox said, “Our strategy of focusing on our existing customers and acquiring customers of high-ticket size has paid off pretty well and we have grown four times from March 2020. We measure our success by assets under management (AUM), how much money we manage for our customers. Since this strategy has played out well, we decided to raise another funding round to double down on this strategy and do more. “

“The funds will broadly be allocated for three reasons - brand building, building more products for our customers and IFA(independent financial advisors) partnerships.” he said.

Shingal noted that the company is on track to become cashflow positive by June 2022. 

Growth outlook

“Given our average ticket size, the customers that we acquire, we are confident that we will continue to grow at 4x every 18 months. Our annualised customer retention rates are between 96 per cent and 97 per cent, and net promoter score (NPS) is 55-60,” he added. 

Previously, Scripbox raised capital from investors such as Accel Partners, Omidyar Network and Transpose Platform, among others. The company’s current AUM stands close to ₹5,000 crore, its cumulative transactions are exceeding 8.1 million and has a reach in more than 2500 cities and towns across India.

New offerings

Last year, Scripbox both deepened and widened its product offerings. The company partnered with Stockal to introduce US equities to its customers. Similarly, it partnered with Axis Bank to offer fixed deposits and Max Life as well as HDFC Life to offer curated term insurance plans. 

These new offerings are being rolled out to cater to customers seeking additional investment avenues for their wealth management and diversification needs.

The company is also partnering with offline independent financial advisors and providing their high-ticket customers with a better product and digital experience. 

Subrata Mitra, Partner at Accel, said, “We have backed Scripbox since its inception and continue to be super excited about their prospects. Digitization of wealth management in India is well on its way, and Scripbox, with a powerful yet simple product, is becoming a de facto leader in the category.” 

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