Groww, a wealth management and investment platform has raised $251 million as part of its Series E funding led by Iconiq Growth.

In April, in a Series D round led by Tiger Global, the company had raised $83 million which valued the company at a little over $1 billion.

Existing investors like Ribbit Capital, Tigre Global, Sequoia Capital, Propel Venture Partners and YC Continuity also participated in the funding round. Alkeon, Steadfast and Lone Pine Capital were the new investors.

“Groww’s objective is to ensure that customers have all the investment options available to them to invest in different instruments. The platform should be able to provide customers with the right selection and tools to help them make the right decision. Today, a product like mutual fund is our anchor product, and we believe that 100 million customers in India can invest in mutual funds,” Lalit Keshre, CEO and co-founder, Groww, said.

“We have launched (investments) in US stocks on our web platform. The problem is not about investment (in US stocks), but rather about the remittance process and costs. And a lot of players in the market are looking to solve that. We are also working on solving these remittance problems, but don’t have clear timelines to give at this moment on the launch,” Keshre said.

“Groww is already among the leading investment platforms in India, showcasing strong unit economics and customer cohorts. We are excited to participate in its vision to be primary financial platform for Indian consumers,” said Yoonkee Sull, partner at Iconiq Growth.

The company is also looking to launch crypto-based investments on its platform to capture the growing interest of Indian investors towards the upcoming asset class, two people aware of the plans said.