Scripbox, a robo-advisor focussed on mutual funds, expects to break even in the next 12-18 months, its CEO & co-founder ER Ashok Kumar has said.
From a current level of assets under management of over ₹1,100 crore, this start-up is eyeing near 10x growth in AUM to about ₹10,000 crore by 2022, Kumar told BusinessLine here.
As a Robo-advisor Scripbox is a digital platform that provides automated, algorithm-driven financial planning service with almost no human supervision.
It collects information from clients about their financial situation and future goals and then uses that information to offer advice and automatically invests client assets.
Scripbox curates a set of funds (same for all customers) under different categories: long term, short term, tax saving, emergency fund and provides a platform to sign up and invest regularly.
“As many as 70 per cent of our customers are first time investors. Twenty-eight per cent of them are female investors. So far we have put through 2 million transactions through our platform. Customers from 1,250 cities across India have used our platform”, Kumar said.
Scripbox believes that money will double in six years despite the economic slowdown and hurt sentiments.
“I don’t have a speculative view of the markets. If you ask me whether the trend (money doubling in six years) will continue, I believe so. Our view is that markets will deliver GDP+ inflation growth rates”, Kumar added.
Asked if Scripbox is looking to raise more capital, Kumar replied in the negative . “We are well funded. Only last year we had raised Series C Funding of about $20 million”, he said.