Groww, the Bengaluru-based funding management startup, has raised $30 million in Series C investment led through YC Continuity, making it the first funding through the investment corporation in India. The spherical additionally noticed participation from Sequoia India, Propel Ventures, and Ribbit Capital.
With this spherical of investment, the group is trying to make bigger its product suite, and hire engineering, growth, and product talent. Groww is likewise trying to put money into its technology infrastructure. The investment may also be used to in addition fuel their pan-India financial education initiative ‘Ab India Karega Invest’.
Lalit Keshre, Co-founder and CEO of Groww, stated in the press statement,
“We started our journey with small steps — writing blogs and making videos to educate people about investing. Our wealth as a nation will keep growing, and our mission is to provide the best experience for investors to manage their wealth. We are happy to partner with investors who believe in our long-term vision. YC played a key role in our early years and now this investment will help us accelerate towards our goals.”
Founded through ex-Flipkart executives in 2017, Groww has over eighty lakh registered users, and gives direct mutual funds and inventory brokering. The group provides that the platform has recorded over 1.5 lakh new SIPs each month.
Speaking on the development, Anu Hariharan, Partner at YC Continuity, stated,
“We believe Groww is building the largest retail brokerage in India. At YC, we have known the founders since the company was just an idea and they are some of the best product people you will meet anywhere in the world. We are grateful to be partners with Groww as they build one of the largest retail financial platforms in the world.”
Apart from mutual funds and shares, people also can put money into US shares and Gold on the Groww platform. Groww will soon extend into other merchandise with a purpose to assist investors diversify across a couple of asset classes. The group introduced that the platform has additionally seen a upward push with near one lakh demat accounts getting delivered on a month-to-month basis, inside 3 months of the launch.
“India is seeing increased participation of retail investors in financial markets – with two million new stock market investors added in the last quarter alone”, said Ashish Agrawal, Principal, Sequoia Capital India LLP, adding, “Groww is leading this change by serving millions of retail investors. In the last two years, they have expanded their product offering and built a strong team in its journey to make investing simple for Indians.”
