Now buy better performing mutual funds online with Bangalore based scripbox
As there are too many options to choose from thousands of mutual funds, retail investors often get lost in a maze of product choices and financial jargon . Most consumers don’t even understand the long checklists of do’s and dont’s that are written in fine print.
To simplify the investment process, Bangalore based scripbox wants to break the clutter and give you a single basket of 4 scientifically selected funds.
The selected funds are those, which consistently performed better than the market over the last 4 years and the basket approach gives consumers a diversified portfolio. Importantly, scripbox gets linked to consumer’s bank account , which helps them to place instructions online, based on request scripbox instructs consumer’s bank to transfer the investment amount to the mutual fund company with every fund purchase. When consumer withdraws, the mutual fund company transfers the money directly to their bank account.
With scripbox, investing, withdrawing and getting your statements; all are done with fewer clicks.
Speaking about the traction so far, CEO and co-founder Atul Shinghal said “We have completed a semi-private beta launch last month, which exceeded our expectations and also taught us a lot in terms of customer expectations. We’re just about to roll out an awareness campaign after doing some test runs of digital marketing activities”.
While most of the aggregators in the online space approach the problem of investing by providing more tools and more data, scripbox has taken the approach of reducing the scope of the decision making itself. “We are not trying to solve every problem of every kind of investor. We are focusing on a segment of investors with a common set of challenges with a single product” said Shinghal.
Scripbox makes complete disclosure of commissions. Currently with a team of 20 including three partners, scripbox aims to validate and improve its proposition before having an aggressive roll out.
The startup is founded by Atul and Sanjiv Shinghal, both are graduates from IIM Bangalore with over 25 years of combined experience in the financial services industry. The venture is being bootstrapped by founders and who say that they aren’t looking to raise funds right now.
Recent developments in personal finance space
Zibika relaunches after 2 years hiatus: One of the early evangelizers of personal finance aggregation space in India Zibika.com – which had shut its operation in January 2010 relaunched in November this year.
Moneysights shutdown: Financial planning portal, Moneysights, which used to offer information to investors on financial instruments had shut down its services in September. The company had raised $270K in funding from Blume Ventures and InMobi’s Naveen Tewary earlier.