Money & Banking

Fintech platform Groww raises $251 m in Series-E funding

Our Bureau Bengaluru | Updated on October 25, 2021

Fund raise led by ICONIQ Growth, existing investors

Fintech platform Groww has raised $251 million at a valuation of $3 billion, led by ICONIQ Growth. The current round also saw participation from investors like Alkeon, Lone Pine Capital and Steadfast.

Groww’s existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global and Propel Venture Partners also participated in the round.

Extending reach

Started in 2016, Groww enables Indian retail investors to invest in direct mutual funds, stocks, ETFs and IPO. Groww plans to extend its reach to the under-penetrated geographies, strengthen the team and scale tech infrastructure. The company also plans to continue making significant investments in spreading financial education and awareness.

Lalit Keshre, CEO and Co-Founder of Groww, said, “Over the last five years, we have built a product that customers love and have lowered the barriers to investing across India. We are making a difference in the lives of millions of Indians by democratising access. And it seems the journey has just begun with such a huge opportunity ahead of us.”

Financial services market

“Groww has been helping transform the way India invests by building a platform that exemplifies simplicity, trust, and constant innovation. The financial services market in India is already large, growing rapidly, and ripe for disruption. During the last couple of years, Groww has demonstrated that they are ready to seize that opportunity through strong accelerating momentum predicated on strength of technology," said Yoonkee Sull, partner at ICONIQ Growth.

Groww was founded by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal. Groww enables retail investors to access financial products and services through its web and mobile app on both iOS and Android. Groww is backed by marquee investors, including Sequoia Capital India, Y Combinator, Ribbit Capital, Tiger Global and Iconiq Growth.

Published on October 25, 2021

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