Groww has secured $83 million in Tiger Global led Series D funding round. With this, the online investment platform enters the startup unicorn club of India.
Prior to this, Tiger Global, the New York-based investment fund, has made two investment in this sector – Upstox and IndWealth. The round also saw participation from existing investors Ribbit Capital, Sequoia India, YC Continuity as well as Propel Venture Partners.
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 15 million registered users, and offers direct mutual funds and stock brokering.
“We started Groww almost five years back to make investing accessible and transparent to everyone in India. We have made good progress, but it feels we have just got started. The new capital will help us invest in new products, acquire talent and continue building our financial education platforms,” said Keshre, the chief executive officer at Groww.
The company informed, “Groww plans to expand its product suite with the new fundraise, hire top-quality talent, and invest heavily in financial education and awareness.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.