Investment app Scripbox to debut in UAE and Singapore2 min read . Updated: 21 Jul 2020, 06:23 PM IST
- It has also introduced a new KYC process for non-residential Indians (NRIs) on its digital platform to help on-board them without the use of paper
BENGALURU: Scripbox, an online investment app, on Tuesday announced its international foray to target non-residential Indians (NRIs), especially in UAE and Singapore. It has also introduced a new KYC process for non-residential Indians (NRIs) on its digital platform to help on-board them without the use of paper.
Co-founded in 2012 by Atul Shinghal, and Sanjiv Singhal, Bengaluru-based Scripbox helps users manage their wealth and savings by allowing them to invest in mutual funds, equities, and other savings instruments directly using its online portal.
The product is offered entirely online and doesn’t require any physical verification, and once the KYC process is approved, users can immediately start investing in funds. It also helps users with research on investment methodology and suggests different investment schemes on the basis of user’s wealth goals.
One of Scripbox’s investment schemes for the NRIs called ‘The Wealth Edge plan’, for example, is available to non-US based NRIs provides them with an opportunity to invest in US equity, in addition to Indian equities.
The Smart Transfer Plan, which is planned for NRIs in the United States, allows users to make equity investments in India with an option of transferring large sums in a phased manner, thereby saving on money transfer costs.
Scripbox ‘s current assets under management (AUM) or the total market value of investments made by users till date has crossed ₹1500 crore as of July 2020.
It also claims to have processes around 5.2 million transactions to date.
“We recognise the rising demand from this (NRI) segment who have an unfulfilled need for structured wealth creation in India through systematic investing in financial assets. Covid has heightened the need for better financial planning and diversity in the investment portfolio," said Atul Shinghal, founder and CEO of Scripbox in a statement. "Indian equity markets have delivered strong returns in the last two decades and outperformed many peers. Scripbox provides NRIs a hassle-free way to tap this opportunity for growth and diversification of their wealth."
Over the past two years, several online wealth advisory start-ups such as FundsIndia, Fisdom, WealthTrust, Groww, Paytm Money, Tauro Wealth and others have attracted interest from investors.
Paytm Money, the wholly-owned subsidiary of One97 Communications that operates Paytm also unveiled massive investment worth ₹250 crore into its business and production expansion plans.
Apart from this, Groww which was founded by ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal had last raised ₹154 crore in a Series B round led by American fintech-focused venture capital (VC) fund Ribbit Capital.
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