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Investment platform Groww has raised $83 million in a Series D round. Tiger Global led the fundraising with the participation of Groww’s existing investors.
Founded in 2017 by four ex-Flipsters, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww has become one of India’s fastest-growing investment platforms, with more than 1.5 crore registered users. Groww enables users to invest in stocks, mutual funds, ETFs, IPOs, and gold in a simple, paperless, and hassle-free manner.
“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. 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,” said Lalit Keshre, CEO and co-founder, Groww, in a statement.
In June 2020, Groww launched stocks with an easy-to-use interface for do-it-yourself (DIY) investors. It witnessed rapid growth and opened 18 lakh demat accounts.
Financial education
Groww is also among the largest mutual fund distribution platforms in India, registering more than 2.5 lakh new SIPs monthly. Groww’s simple user experience combined with its focus on educational content has made it exceptionally popular among millennial investors.
Groww plans to expand its product suite with the new fundraise, hire top-quality talent, and invest heavily in financial education and awareness. Financial education content has been a critical focus for Groww from its inception. In the next two years, the company plans to launch a slew of financial education initiatives aimed at millennials and expand the market for financial services.
Headquartered in Bengaluru, Groww is backed by marquee investors including Sequoia Capital India, Y Combinator, Ribbit Capital, Tiger Global, Propel Venture Partners and Kauffman Fellows. Over 1.5 crore users across 900 plus cities in India trust Groww for their investment needs.
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