Investment platform Groww announced that it has raised USD 83 million in Series D funding led by Tiger Global, valuing the company at USD 1 billion. After IndWealth and Upstox, this is the third investment by Tiger Global in the market.
Sources close to the matter stated that current investors Ribbit Capital, Sequoia India, Propel Venture Partners, and YC Continuity have also participated in the funding round.
For those unfamiliar, Groww, founded in 2017 by former Flipkart employees Ishan Bansal, Harsh Jain, Lalit Keshre, and Neeraj Singh, is an investment platform with over 15 million registered users. The Bengaluru-based startup faces stiff competition from Upstox, Zerodha, and Paytm Money, which are all aimed at millennials investing in financial products.
Lalit Keshre, CEO at Groww, expressed that the platform was established almost five years ago with the aim of making investing open and transparent to everyone in India. The latest funds will be used to develop new products, hire new employees, and expand their financial education channels, he added.
It is worth mentioning that the firm had introduced stocks with a user-friendly interface for do-it-yourself (DIY) investors in June 2020, following which the startup has experienced rapid growth and opened approximately two million demat accounts.
Moreover, Groww has opened over 250,000 new systematic investment plans (SIPs) every month, sources with relevant information cited.
The company expects to launch a series of financial education programs targeted at millennials and broaden the market for financial services over the next two years.
As per reliable sources, previously, the startup had amassed USD 30 million in a funding round led by Y Combinator in September 2020.
It has so far raised nearly USD 60 million from investors such as Sequoia Capital, Ribbit Capital, and Propel Venture Partners, a financial services-focused venture capital firm headquartered in the United States.
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