GroMo Raises $11 Million In Series A Funding

GroMo, a fintech platform for distribution of financial products, has raised $11 million in Series A funding round led by SIG Venture. The round also saw participation of Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, Hauz Khas Ventures, along with some angel investors like Kunal Shah (Cred), Niraj Singh (Spinny), Nitin Gupta (Uni Cards) among many others. The fund raised will be utilized to scale up hiring across senior management in technology, product, marketing, business, category management and HR functions, with plans to double the headcount in the coming 6 to 12 months

Company handout

"As per SEBI report, only 27 per cent of India's population is financially literate which highlights the need for increased customer support especially in tier II, III cities and beyond. Our vision is to drive financial inclusion in underserved markets by bridging this gap through face-to-face interaction, handholding by our agents, and after-sales support," said Ankit Khandelwal, CEO and co-founder, GroMo.

GroMo aims to empower its wide network of trusted agents to provide access to financial products to tier II and beyond cities of India. The platform has built a network of more than 1.2 million agents, claimed by the company in a statement.

"We are excited about GroMo's approach to use technology to attract, train and manage people to become successful agents for distributing financial products ad target the traditionally underserved markets in India," said Bhavani Rana, investment adviser, SIG.

Founded by Ankit Khandelwal and Darpan Khurana, GroMo has built a tech-enabled social commerce platform bringing together consumers, agents and BFSI companies providing a wide range of products such as insurance, investments, credit cards, loans, saving and demat accounts etc.