Investment Platform Groww Raises $251 Million At A Valuation Of $3 Billion
Groww, an investment platform, has raised $ 251 million at a valuation of $3 billion in a Series-E funding round led by Iconiq Growth.
Investors like Alkeon, Lone Pine Capital and Steadfast and Groww’s existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners also participated in the funding round.
The startup plans to invest the raised capital to make financial services accessible and transparent to people in India. Additionally, the startup plans to extend its reach to under-penetrated geographies, strengthen the team, and scale tech infrastructure.
Groww | Making Finance Simple For Millions Of Indians
Launched by Lalit Keshre, Neeraj Singh, Harsh Jain, and Ishan Bansal in 2016, Groww is making finance simple for millions of Indians by offering services to invest in direct mutual funds, stocks, ETFs, and IPO for India’s growing retail investors.
Speaking on the development, Lalit Keshre, CEO and Co-Founder of Groww, said,
“We will continue working hard to build an iconic and trusted brand out of India. Over the last five years, we have built a product that customers love and have lowered the barriers to investing across India. We are making a difference in the lives of millions of Indians by democratising access. And it seems the journey has just begun with such a huge opportunity ahead of us.”
With this funding, Groww has nearly tripled its valuation to $3 billion in a little over six months. The investment platform had raised $83 million in its Series D funding round, which valued Groww at a little over $1 billion.
Groww recently launched futures and options, investments in IPOs and sovereign gold bonds on its platform. Ranked 21 on LinkedIn Top Startups, Groww is also looking to launch investments in US-based stocks for its investors.
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