Grow, an online investment startup, reportedly announced that it has raised over₹154 crore in Series B round led by Ribbit Capital, a venture capital firm. The company’s existing investors, Y-Combinator and Sequoia Capital India had also took part in the investment round.
For the record, Groww was founded back in May 2017 by Harsh Jain, Ishan Bansal, Neeraj Singh and Lalit Keshre, all ex-Flipkart employees. The firm currently offers more than 3000 options in the form of mutual funds on its website for investment.
Groww aims to utilize the funds it raised into doubling its team size to approximately 200 by the next year as well as launching several more products. Lalit Keshre, CEO, commented that the company intends to become a one-stop-shop for customer’s investment needs even though it currently provides only mutual funds.
Keshre further stated that Groww has been growing nearly 30% on a monthly basis and already boasts 2.5 million registered users, 2/3rd of which claim to be first-time investors. The company wants this segment to grow while also catering to the country’s richest 100 million users.
Keshre also added that the platform is free for use currently and charges no commissions. The company plans to monetize it by offering subscription-based, premium models. However, Keshre did not mention a timeline for the plan.
Apparently, Groww had raised $6.2 million in the Series A round in the month of January 2019, before which the company had raised $1.2 million in the pre-series A investment round that was led by Y-Combinator, Insignia Venture Partners as well as some renowned angel investors like Cure.fit founders by Ankit Nagori and Mukesh Bansal.
Sequoia India has been one of the country’s most active investors in fin-tech, with more than 30 investments, which also include insurance firm Turtlemint, stock management company Smallcase, Razorpay and Cred among others.
Source Credits- https://www.livemint.com/companies/news/sequoia-backed-groww-raises-rs-154-crore-led-by-ribbit-capital-1568819613961.html
A research report on ' Instant Cubilose Market' Added by Market Study Report, LLC, features a succinct analysis on the latest market trends. The report also includes detailed abstracts about statistics, revenue forecasts and market valuation, whic...
The ' Instant Bird's Nest Market' research report added by Market Study Report, LLC, delivers a comprehensive analysis on the newest market drivers. The report also offers extracts regarding statistics, market valuation and revenue estimates, whic...
In the latest report on ' Edible Bird's Nest Market', added by Market Study Report, LLC, a concise analysis on the recent industry trends is covered. The report further includes statistics, market forecasts and revenue estimations, that in additio...
© 2021 Algos Online. All Rights Reserved.