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Omidyar Network backs online investment platform Scripbox

FundOnline investment platform Scripbox, run by Scripbox.Com India Pvt. Ltd, has raised an undisclosed amount in its Series B round of funding led by Omidyar Network.

Existing investors, including Accel Partners and some angel investors, also participated in the round.

“As India moves from promoting adoption and usage of financial services to building consumers’ financial health, simplified offerings like Scripbox will become more strategic,” said Anuradha Ramachandran, director, investments, Omidyar Network, in a statement.

Bangalore-based Scripbox raised Rs 16 crore ($2.49 million) in its Series A round of funding from Accel Partners and a group of angel investors, in August last year.

Founded in 2012 by IIM Bangalore alumni Sanjiv Singhal and Atul Shinghal, Scripbox is an online mutual fund investment platform.

In 2012, Scripbox had raised seed funding of Rs 4 crore from Accel Partners and IT industry veteran Balakrishna Adiga, educationist HS Nagaraja and Kotak Realty Fund CEO S Sriniwasan.

The company claims that 70% of its customers are first-time buyers of mutual fund schemes.

Most recently, Alphafront Finserv Pvt. Ltd, which runs online investment platform Goalwise, had raised $1 million (around Rs 6.8 crore) from a bunch of high net-worth individuals (HNIs).

Other investment platforms in the space include Tauro Investment Advisors Pvt Ltd which operates online stock market investment platform Tauro Wealth. Tauro received seed funding from TracxnLabs and a bunch of unnamed angel investors early this year.

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