Homegrown investment platform Groww has raised $83 million in Series D round at a valuation of more than $1 billion. With this, Groww becomes the fourth unicorn to be born this week after health-tech startup PharmEasy, social e-commerce startup Meesho and credit card payment platform CRED made their funding announcements.
Tiger Global led the fundraising with the participation of Groww's existing investors — Sequoia India, Ribbit Capital, YC Continuity and Propel Venture Partners.
Started in 2017, by four ex-Flipsters, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww claims to have 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.
Lalit Keshre - CEO and Co-founder, Groww said, “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.”
In June 2020, Groww launched stocks with an easy-to-use interface for do-it-yourself (DIY) investors. Groww witnessed rapid growth and opened about 20 lakh Demat accounts.
Groww counts its simple user experience combined with its focus on educational content, as one of the biggest factors for its popularity 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.
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