Groww plans to extend its reach to the under-penetrated geographies, strengthen the team, and scale tech infrastructure
Fintech unicorn start-up Groww’s valuation has reached $3 billion after a fundraise of $251 million, led by ICONIQ Growth, including participation from investors like Alkeon, Lone Pine Capital, Steadfast, and existing investors.
The platform, which can be used to invest in direct mutual funds, stocks, ETFs and IPOs, currently has more than 20 million users. The company had raised $83 million in its previous round, which was at a valuation of $1 billion and was led by Tiger Global.
plans to extend its reach to the under-penetrated geographies, strengthen the team, and scale tech infrastructure. The company plans to continue making investments in spreading financial education and awareness.
Founded in 2017 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, the start-up competes with players such as Zerodha and Upstox. Tiger Global is also an investor in Upstox.
Lalit Keshre, CEO and co-Founder of Groww, said: “We will continue working hard to build an iconic and trusted brand out of India. Over the past five years, we have built a product that customers love and have lowered the barriers to investing across India.”
In June 2020, the start-up launched stocks with an easy-to-use interface for DIY investors. It is also among the largest mutual fund distribution platforms in India, registering more than 250,000 new SIPs monthly.
Financial education content has been a critical focus for Groww
from its inception. In the next two years, Groww
plans to launch a slew of financial education initiatives aimed at millennials and expand the market for financial services.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.