Scripbox plans to reach 1,000 cities

Scripbox plans to reach 1,000 cities

Scripbox, an online investment platform started in Bengaluru in 2012, wants to expand its presence by reaching out to at least 1,000 cities in the future.

“We have our presence in 370 cities, and we are also planning to launch the platform in regional languages so as to take financial literacy to more number of people,” says Ashok Kumar ER, CEO of Scripbox.

When it comes to investments, people invest in gold, real estate or fixed deposits, but hardly think about mutual funds.

“In India, only less than 30 lakh people are actively trading. Mutual Funds are a great product, and we started with an aim to make the language simple,” said Kumar, adding that there are over 8,000 funds, and choosing the right ones are quite difficult.

 “Based on algorithm, we have selected eight funds in three categories- — four equity funds for the long-term (more than five years), two debt funds for the short-term (less than five years) and two tax-saving funds to reduce tax. Every year, we run algorithms and change the funds, if necessary,” said the CEO. Scripbox’s assets under management (AUM) stands at Rs 150 crore.

Simple registration

“Almost 70% of our customers are first-time investors. Interestingly, 18% of our customers are women, whereas, the industry average is 12%. With a simple registration process, one can invest from as low as Rs 1,000 a month,” he said.

Scripbox raised Series A funding last year. Access Partners and Angel Investors  together invested about $16 million in the company.

When asked about introducing new categories, Kumar added, “We are planning to introduce liquid funds in future, and want to introduce categories that benefit customers.”

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