Wealthtech Startup Scripbox Seeks Funding At $200 Mn Valuation

SUMMARY

Scripbox is looking to raise $20 Mn to bring new investors to its captable and is eying an IPO in the next 18 to 24 months

The Bengaluru-based startup was last valued at $138 Mn when it raised $5 Mn from Accel

Scripbox allows users to invest in various mutual fund schemes for long term wealth generation and also offers financial planning services through its AI-powered tech stack

Bengaluru-based wealthtech startup Scripbox is reportedly in talks to raise $15-20 Mn at a valuation of $200 Mn.

An ET report, citing cofounder Sanjiv Singhal, said that the company is also looking to get listed on the stock exchanges in the next 18-24 months.

The report further said that last year, the startup secured a funding of $5 Mn (around INR 43 Cr) at a post money valuation of $138 Mn (around INR 1,185 Cr). So, if the current deal materialises it will see an almost 45% uptick in valuation.

Inc42 has reached out to Scripbox for comments on the development. The story will be updated based on the responses from the startup.

Founded in 2012 by Atul Shinghal and Sanjiv Singhal, Scripbox allows users to invest in various mutual fund schemes for long term wealth generation and also offers financial planning services through its AI-powered tech stack.

The startup claims to have served more than one Lakh customers and counts the likes of Accel and angel investors like MakeMyTrip founder Deep Kalra and former Myntra senior executive Shamik Sharma as investors.

According to Tofler, Scripbox recorded a standalone net profit of INR 13.31 Cr in the financial year ending March 31, 2024 (FY24) against a net loss of INR 101.96 Cr in the previous fiscal year. Besides, its revenue from operations more than doubled to INR 77.68 Cr in the period under review from INR 28.80 Cr in FY23.

Scripbox competes against the likes of wealthtech majors, including Zerodha, Groww and Fisdom among others in the mutual fund investment offering. It aims to grab a share in India’s investment tech market which is poised to become a $31 Bn opportunity by 2030, as per Inc42’s State Of Indian Fintech Report 2024.

According to Inc42’s Indian Tech Startup Funding Report, 2024, fintech emerged as the most funded sector last year with a total funding of $2.5 Bn in 162 deals.