Groww (1) has raised 30 million USD in its Series C funding round. YC Continuity led the fundraising, marking its first investment in India. Sequoia India, Ribbit Capital, and Propel Venture, existing investors of the firm, also participated.
The team of Groww is looking to increase its product suite and hire new product, growth, and engineering talent. The Bengaluru-based startup is also going to invest in its technology infrastructure. As per the company. it will also use the latest capital to fuel its pan-India financial education initiative, “Ab India Karega Invest.”
Groww Aims to Provide Excellent Management of Wealth for Investors
In a press statement, Lalit Keshre, Co-founder and CEO of Groww, stated that the startup started its journey with small steps. Initially, we wrote blogs and made videos to educate people about investments. The mission of the wealth management startup is to the excellent management of wealth to investors.
Lalit added that they are delighted to partner with investors who believe in their long-term goals and vision. He said that YC played a critical role in its early years, and now their latest funding will help us accelerate our plans.
The ex-executives of Flipkart founded Groww in 2017. It has over 80 lakh registered users and offers direct mutual funds and stockbrokers. The firm also claims that it has around 1.15 lakh record new SIPs every month.
Anu Hariharan, Partner at YC Continuity, stated on the latest investment that they believe in Groww to build the most extensive retail brokerage in India. He added that YC knows the founders since the startup was an idea. They have the best products people can meet anywhere globally. We are grateful for the partnership with Groww.
At Groww, people can invest in mutual funds, stocks, US stocks, and gold. It will soon extend its arms on other products to help users to diversity in multiple assets. The team is now close to one lakh demat accounts opening every month within three months of its launch.