Investment Platform Groww Enters Unicorn Club Post $83 Million Funding Round led by Tiger Global
The round also saw participation from existing investors, Sequoia India, Ribbit Capital, YC Continuity, and Propel Venture Partners. Groww intends to use the fresh capital towards creating new products, hiring more professionals, and continue building its financial education platforms.
Founded in 2017 by ex Flipkart employees, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal Groww is the second fintech company to join the Unicorn club after Cred. Groww’s platform allows users to invest in stocks, direct mutual funds, exchange-traded funds (ETFs), and digital gold, as well as initial public offerings (IPOs).
Lalit Keshre, CEO & Co-Founder, Groww, said, “We started Groww almost five years ago to make investing accessible and transparent to everyone in India. We have made good progress, but it feels we have just got started. 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.”
The Bangalore-based firm has so far amassed over 1.5 crore users. In 2020, Groww had launched an option for investment in stocks, post which it saw 18 lakh Demat accounts being opened.
Groww had raised $30 million in Series C funding in September 2020 led by YC Continuity, Y Combinator’s growth-stage fund.