Scripbox is a wealth management platform for investing in mutual funds that announced a 44.4 percent increase in operational revenue to Rs 84.33 crore in FY24. The startup provides investment and fund management services to working professionals and individuals. The application offers customized wealth management solutions. The brokerage and commission services account for 91.3 percent of the total income and are the company’s primary source of revenue.
The firm also earns its income through investment advisory which stood at Rs 6.2 crore in FY24. Portfolio management services contributed Rs 1.07 crore to the total revenue for this financial year. These services brought the overall revenue to Rs 90.5 crore in FY24. This wealth management platform has secured over 80.5 million USD across 12 funding rounds since its inception, including $5.23 million raised during its series D funding round led by Accel, Atul B Jain, and others.
Scripbox uses the latest algorithms and tools to invest in debt and equity funds, automate SIPs, and more. The company also offers customized plans for education and retirement. The firm also offers advisory to select from various investment strategies and invest in mutual funds, fixed income, and equity investments while managing their portfolio. The online platform uses advanced technologies for a seamless user experience. This wealth management startup also earns its income through advisory services.
The Bengaluru-based company plans to improve its business model while offering innovative wealth management solutions, positioning it well in the global market. The startup intends to control its losses by reducing employee benefits and other expenses. The firm posted a 38 percent decrease in its employee benefits which stood at Rs 73.13 crore in FY24. This cost includes the ESOP worth Rs 25.72 crore. The company’s loss saw a 62 percent decrease and stood at Rs 44.7 crore in the same duration.
The legal expenses stood at Rs 5.83 crore while the promotional costs were around 2.8 crore in FY24. The startup had assets under management of Rs 18,500 crore in this financial year. The total expenditure decreased by 25.2 percent and crossed Rs 134.24 crore in FY24. The EBITDA margin stood at -32.31 percent while the ROCE was around -52.44 percent in this fiscal year. The company faces competition from other wealthtech platforms such as Centricity, Stable Money, InvestorAi, and Navi.
Conclusion :
Scripbox announced a 44.4 percent increase in its revenue from operations to Rs 84.33 crore in this financial year. The wealth management startup offers an online platform for investment in mutual funds and portfolio management. The income from commission and brokerage services is the company’s major source of revenue.
The startup posted a 62 percent decrease in its losses and crossed Rs 44.7 crore in FY24. The Employee benefits also slipped by 38 percent to Rs 73.12 crore in the same duration. The income from interest and gain on financial assets, advisory fees, and other sources increased the total revenue to Rs 90.5 crore in the same duration.
Niraj Kumar is the Founder and CEO of Scoopearth, bringing over 13 years of experience across diverse domains, including journalism, content marketing, digital marketing, startup mentoring, and business coaching. His extensive background and leadership have made a significant impact in these areas, helping startups grow and succeed in a competitive landscape.
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