India-based Groww, an investment platform that offers a new way of investing money with stockbroking and direct mutual funds, raised US$ 83M in a Series D funding round. The startup has reached a US$ 1 billion valuation becoming India’s latest startup to achieve unicorn status. Groww was valued at US$ 250M in September last year.
Investors: The funding round was led by Tiger Global with participation from existing investors Sequoia Capital India, Ribbit Capital, YC Continuity and Propel Venture Partners. According to Crunchbase, Groww has raised US$ 142.7M to date.
Purpose of the funding: The funds will be utilized to accelerate the company’s growth and hire more talent.
Founded in 2017 by Harsh Jain, Ishan Bansal, Lalit Keshre and Neeraj Singh, Groww is an investment platform that has invented a new way of investing money with stockbroking and direct mutual funds. Its platform provides useful insights about mutual funds, efficient investment planning, equity-linked savings and everything from the personal finance world. It aims to simplify the investing process for new investors. It also allows the users to invest in gold and US stocks through its platform. The startup was also a part of Y Combinator’s winter 2018 batch.
Even though more than 200 million people in India transact money digitally, less than 30 million of them invest in mutual funds and stocks. Groww aims to change this. The platform has over 15 million registered users, two-thirds of those being first-time investors.
What the founders have to say: “More than 60% of Groww users come from smaller cities and towns of India and 60% of these have never made such investments before. We have conducted workshops in several small cities to educate people about the investment world. We started Groww almost five years back to make investing accessible and transparent to everyone in India. We have made good progress, but it feels we have just got started.” – Lalit Keshre, co-founder of Groww.
Groww is the eighth Indian startup to attain unicorn status in 2021 and the fourth this week. Social commerce startup Meesho became a unicorn on Monday, fintech firm CRED on Tuesday and e-pharmacy firm PharmEasy on Wednesday.
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