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Groww, a free investment platform for millennials, has raised $6.2 million in a Series A round of funding led by Sequoia India. The round also witnessed participation from Y Combinator, Propel Venture Partners and Kauffman Fellows.
The firm will use the funds to build technology and launch new products, Groww said in a statement.
“Millennials are increasingly moving towards financial products instead of real estate and gold. There are 200 million people with investible income in India, but only 20 million investors. The only way to bring the next 180 million on-board is by making investing simple,” said Lalit Keshre, Co-founder & CEO at Groww.
Launched in April 2017, Groww currently offers direct mutual fund investment plans and plans to roll out all other investment products, including stocks. The firm focusses on millennial investors and has a user base of over one million users.
“We are seeing strong growth in the Indian investor base, which is fuelling the market need for a better and inexpensive investment platform such as Groww,” said Ashish Agrawal, Principal, Sequoia Capital India Advisors.
Groww is the brainchild of former Flipkart employees, Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal.
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