As millions of people enter the middle class in India, they need safe, accessible ways to manage their money in order to build long-term wealth. This is a challenge in an economy with high inflation, relatively shallow capital markets, and no strong culture of retail investing. As India moves from promoting access and adoption of financial services to supporting consumers’ financial health, the country will need new, simplified tools for the mass market. That is why we invested in Scripbox, a user-friendly investment service that is one of India’s most trusted and fastest growing. Scripbox is working to change the way Indians save and build wealth, with a jargon-free, simplified approach to investing in mutual funds — a great way to safeguard savings against inflation.
Indian investors have more than 5,000 mutual funds to choose from and few options for sound financial advice. Scripbox offers a portfolio of eight scientifically preselected funds in various categories. Consumers can invest in these funds through Scripbox’s online portal at no charge — a feat achieved due to the lower costs enabled by having a digital-only platform.
Since it was founded in 2012, Scripbox has grown its customer presence to 370 cities and towns across India. In the last 18 months alone, it’s increased its customer base 10 fold. Fully 70 percent of those customers are first-time investors, and Scripbox’s goal is to encourage young Indians to develop a lifelong habit of sound investing.
Scripbox also offers an Android app that teaches financial terms, explains tax planning, and demonstrates different methods of wealth creation.
The app is divided into three sections: Learn, Plan, and Act. The Learn section is like an encyclopedia of personal finance knowledge combined with a blog on topics relevant to the average investor. The Plan section includes easy-to-use calculators, charts, and sliders to show users how much they could earn from various investments, and how to account for taxes when investing.
The app also includes a Wealth Checkup that takes 3 minutes to fill out, and shows users how they’re doing for their age and city. In the Act section of the app, users can sign up for Scripbox using their Aadhaar or PAN number.
With an intuitive design, built around a deep understanding of consumers’ needs, Scripbox has the potential to make a fundamental difference in the way Indians save and invest for the future.