Groww, the Bengaluru-based investment management startup, announced it has raised $30 million Series C funding led by YC Continuity, an investment fund dedicated to supporting founders as they scale their companies. The investment marks its first investment in India. Sequoia India, Propel Ventures, and Ribbit Capital also participated in the funding round.
The startup will use the funding to expand its product suite, and hire engineering, growth, and product talent. Groww is also looking to invest in its technology infrastructure. The funding will also be used to further fuel their pan-India financial education initiative ‘Ab India Karega Invest’.
Lalit Keshre, Co-founder and CEO of Groww, said 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 in 2017 by Harsh Jain, Ishan Bansal, Lalit Keshre and Neeraj Singh, Groww leverages technology and expert financial knowledge to make investing extremely simple yet rewarding for people. It has over 80 lakh registered users, and offers direct mutual funds and stock brokering. The team adds that the platform has recorded over 1.5 lakh new SIPs every month.
Speaking on the development, Anu Hariharan, Partner at YC Continuity, said, “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 stocks, people can also invest in US stocks and Gold on the Groww platform. Groww will soon expand into other products that will help investors diversify across multiple asset classes. The team added that the platform has also seen a rise with close to one lakh demat accounts getting added on a monthly basis, within three 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.”
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