Investment firm Groww raises ₹154 crore in the Series B funding round

• Groww presently offers more than 3000 options in mutual funds for investment.
   
• The company aims to use its raised funds to double its team size to approximately 200 by next year.

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, 2/3^rd 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