Started as Online mutual fund platform Groww was founded by a team of former Flipkart executives, Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh. The platform was launched in 2017 to start a venture that could make investing easy with a mission to democratize financial services in India. and now has grown to about 5 million users.
Started as Online mutual fund platform Groww was founded by a team of former Flipkart executives, Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh. The platform was launched in 2017 to start a venture that could make investing easy with a mission to democratise financial services in India. and now has grown to about 5 million users.
Talking about funds the company raised around $1.6 million as part of its
pre-Series, a funding from Insignia Ventures Partners, Lightbridge
Partners, Kairos and others in 2018. In January 2019, Groww raised $6.2mn in
a Series A funding round led by Sequoia India. In September 2019, Groww raised $21.4m in Series B funding round from US-based VC firm Ribbit Capital. In September 2020, Groww raised $30m in Series C, led by YC Continuity.
Started as a direct mutual fund distribution platform, Groww became one of the most popular mutual fund investment platforms in the country. Following user demand, Groww added stocks in the early half of 2020 and the same year launched digital gold, ETFs, Intraday trading, IPOs in quick succession. Today, more than 1.5 crore users across 900+ cities across India trust Groww for their investment needs.
The platform has more than 2.5 million users across India in which two-third
of their customers are first time investors (in online financial instruments) and
continue to be between the ages 25 and 40. Additionally, it has directly partnered with close to 36 to 40 AMCs.
Not only this, Groww will be launching deposits, US stocks, sovereign gold bonds and also plans to launch a slew of financial education initiatives aimed at millennials and expand the market for financial services in next two years.