Groww, a fintech startup or a wealth management platform, has raised $21.4 million (approx ₹152 crore) as part of its series B funding round led by Ribbit Capital. While, Sequoia India and Y Combinator also participated in the round.
The platform will use these funds to double its employee count to 200 plus, and hire across functions of engineering, product, and growth teams.
The company also aims to use a significant portion of the capital to fortify tech capabilities and build super scalable infrastructure for investing.
Lalit Keshre, Co-founder and CEO, Groww, said, “We started Groww with a mission to democratise financial services in India. Today, we are the go-to platform for the new generation of investors. This round brings one of the best fintech investors to partner with us in addition to the already great set of partners that we have. In addition, the capital will enable us to strengthen our team to build exciting products for our users.”
Groww was founded with its headquarter at Bengaluru by Lalit Keshre, Harsh Jain, Ishan Bansal, Neeraj Singh in 2017. It is an investment platform that uses data science to help its users make informed mutual fund investment decisions without any hassle.
It aims to simplify investing for its users by using data science to provide personalized products.
It has already partnered with 34 top mutual fund houses including, Axis Mutual Fund, SBI Mutual Fund, Reliance Mutual Fund, LIC Mutual Fund, etc. The number of mutuals funds available on the platform is around 5000. It plans to increase its financial products and value-added services.
Micky Malka, Founder of Ribbit Capital, said, “We backed the Groww team because we believe in their mission. They have built the most trusted product in this space and are on the path to create a category-defining product.”
The platform has more than 2.5 million users across India, with 60 percent of them coming from outside of the top six cities.
Keshre also claims that two-third of their customers are first time investors (in online financial instruments) and continue to be between the ages 25 and 40.
Other startups under the similar roof as Groww, include Orowealth, WealthTrust, Fisdom, Tauro Wealth, Tipbazaar, and Scripbox.