Scripbox, a Bangalore, India-based company that provides an online mutual funds investment platform, raised a Rs 16 crore Series A funding.
Backers included Accel Partners, Deep Kalra, Mohit Gupta, Shamik Sharma and Subba Rao Telidevara.
The company intends to use the funds to expand in India.
Led by Sanjiv Singhal, CEO, WS Ravishankar and Atul Shinghal, Directors, Scripbox combines the principles of portfolio theory and behavioral finance to offer a curated basket of pre-selected mutual funds and an way of investing in them.
The selection of funds is done by a quantitative + qualitative algorithm and is reviewed annually and rebalanced.
Launched in November 2012, Scripbox is an AMFI-registered distributor of mutual funds.