Investment Platform Groww Bags $30 Mn In Series C Round Led By YC Continuity
The company aims to utilize the funds to strengthen its technology infrastructure, expand product suite and hire talent across engineering, product and growth divisions
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Bengaluru-based investment platform Groww on Thursday announced it has raised $30 million in Series C round led by YC Continuity. Existing investors such as Sequoia India, Propel Ventures and Ribbit Capital also participated in the round.
The company aims to utilize the funds to strengthen its technology infrastructure, expand product suite and hire talent across engineering, product and growth divisions. The startup will also utilize some part of the fund to help its financial education initiative across the country.
Founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, the company currently boasts of 8 million registered users on its platform. The platform currently offers stock broking and direct mutual funds, and both products have scaled exceptionally well. It registers more than 150,000 new SIPs every month. The company has also witnessed a significant rise of more than 100,000 demat accounts adding every month within the three month of the launch. Customers can also invest in gold and US stocks through Groww platform.
Commenting on the recent development, Keshre, co-founder and chief executive officer, Groww, said, "Over the last few years, we have made investing in mutual funds and stocks simple and transparent for millions of investors in India. If we look at the opportunity that lies ahead, it still feels like Day 1. We started our journey with small steps writing blogs and making videos to educate people about investing. Our wealth as a nation will keep growing, and our mission is to provide the best experience to investors to manage their wealth. We are happy to partner with investors who believe in our long term vision. YC played a key role in our early years and now this investment will help us accelerate towards our goals."
Speaking on the investment, Anu Hariharan, partner at YC Continuity commented, "We believe Groww is building the largest retail brokerage in India. At YC, we have known the founders since the company was just an idea and they are some of the best product people you will meet anywhere in the world. We are grateful to be partners with Groww as they build one of the largest retail financial platforms in the world."
Sequoia's Ashish Agarwal said, "Groww is leading this change by serving millions of retail investors. In the last two years, they have expanded their product offering and built a strong team in its journey to make investing simple for Indians."
Currently, 60 per cent of Groww's users are from tier-II and tier-III cities and of these, 60 per cent are first time users. The company has said that it will expand into other products that will help investors diversify across multiple asset classes.