Setting a true example for new generation of investors, Groww became an inspiration by raising a $21.4Mn Series B funding round from US-based VC firm Ribbit Capital along with the participation of existing investors Sequoia India and Y Combinator.
These funds will be utilized by Groww to fetch elite talent on board across engineering, product, and growth teams, which will make its team size to 200 plus soon. The company also aims to amplify its tech capabilities and build super scalable infrastructure for investing by using a significant portion of the capital.
Groww’s Co-founder and CEO – Lalit Keshre said, “We started Groww with a mission to democratize 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.”
Addressing the development front of the company, Micky Malka, Founder of Ribbit Capital, notified that they backed the Groww team as they believed in their mission. They have built the most trusted product in this space and are on the path to create a category-defining product.
Another funding lead, Ashish Agrawal, Principal, Sequoia Capital India LLP said they‘ve been consistently impressed by Groww’s execution of their vision to provide a low-cost seamless investing experience. He added that they are excited to have Ribbit Capital join the team and are looking forward to collaborate with them to build Groww”.
With an excellent app rating of 4.6, Groww is the most preferred app in India for investing. Since its launch, the platform has 2.5 Mn+ users across India till date, of which 60% of users belong to cities other than the top six cities. As per the stats, more than two-thirds of users who register on Groww, are first-time investors, pulled by the simple and seamless experience of the application. Groww’s latest offering avails users with s a commission-free investing in mutual funds via its website, Android and iOS app for free.
The company’s founder further notified that “We remain super focused on crafting the best customer experience for investing in India. Very soon, users will be able to invest in stocks on Groww.