Homegrown funding platform Groww has raised $83 million in Series D spherical at a valuation of greater than $1 billion. With this, Groww turns into the fourth unicorn to be born this week after health-tech startup PharmEasy, social e-commerce startup Meesho and bank card cost platform CRED made their funding bulletins.
Tiger Global led the fundraising with the participation of Groww’s current buyers — Sequoia India, Ribbit Capital, YC Continuity and Propel Venture Partners.
Started in 2017, by 4 ex-Flipsters, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww claims to have greater than 1.5 crore registered customers. Groww allows customers to put money into Stocks, Mutual Funds, ETFs, IPOs, and Gold in a easy, paperless, and hassle-free method.
Lalit Keshre – CEO and Co-founder, Groww mentioned, “Only around 25 million people in India are investing in stocks or mutual funds. We will continue working to change this. The new capital will help us invest in new products, acquire talent and continue building our financial education platforms.”
In June 2020, Groww launched shares with an easy-to-use interface for do-it-yourself (DIY) buyers. Groww witnessed speedy development and opened about 20 lakh Demat accounts.
Groww counts its easy person expertise mixed with its deal with academic content material, as one of many largest components for its reputation amongst millennial buyers.
Groww plans to develop its product suite with the brand new fundraise, rent top-quality expertise, and make investments closely in monetary training and consciousness. Financial training content material has been a important focus for Groww from its inception. In the following two years, the corporate plans to launch a slew of economic training initiatives geared toward millennials and develop the marketplace for monetary companies.
