Scripbox had raised its last funding round in 2016, when Omidyar Network had come in a year after it picked up its maiden institutional cheque a year ago. Venture capital fund, Accel was the startup’s first investor.
The company could not be reached for a comment on the development.
The mutual fund investment space has become an attractive play for major financial tech startups in the country. Besides more established players like FundsIndia, the country’s largest online broking platform, Zerodha also has set foot in the space with own platform Coin. Last year saw Paytm, the largest digital payments entity started Paytm Money to sell mutual funds directly to consumers and competes with ET Money, which is owned by Times Internet, a subsidiary of BCCL, the publisher of this newspaper.
ET reported in December that Groww, an early-stage investment platform raised $6 million from Sequoia.
Scripbox which has around 2 million investments, manages more than Rs 900 crore of total assets mainly aimed at reaching out to millennials to get them into the financial planning fold. It claims to have also got investments from more than 1200 locations in the country.Founded by Ashok Kumar ER and Sanjiv Singhal, the company has recently also activated Unified Payments Interface as a mode of payment for consumers to make investments through the platform.