Groww raises $83 million to democratize investing in India
Mumbai, 8th April 2021: India’s leading investment platform Groww has raised $83m in Series D round. Tiger Global led the round with the participation of existing investors- Sequoia Capital India, Ribbit Capital, YC Continuity and Propel Venture Partners.
Started in 2017, Groww has become one of India’s fastest-growing investment platforms, with more than 1.5 crore registered users. Groww enables users to invest in Stocks, Mutual Funds, ETFs, IPOs, and Gold in a simple, paperless, and hassle-free manner.
On this occasion, Lalit Keshre – CEO and Co-founder, Groww said – “We started Groww almost five years back to make investing accessible and transparent to everyone in India. We have made good progress, but it feels we have just got started. Only around 25 million people in India are investing in stocks or mutual funds. We will continue working to change this. The new capital will help us invest in new products, acquire talent and continue building our financial education platforms.”
Scott Shleifer, Partner, Tiger Global Management, said: “We are excited to partner with Groww as they help democratize access to investing in India. We believe the market opportunity is huge and expect Groww will have many years of efficient growth ahead.”
In June 2020, Groww launched stocks with an easy-to-use interface for do-it-yourself (DIY) investors. Groww witnessed rapid growth and opened 18 lac demat accounts.
Groww is also among the largest mutual fund distribution platforms in India, registering more than 2.5 lakh new SIPs monthly. Groww’s simple user experience combined with its focus on educational content has made it exceptionally popular among millennial investors.
Groww plans to expand its product suite with the new fundraise, hire top-quality talent, and invest heavily in financial education and awareness. Financial education content has been a critical focus for Groww from its inception. In the next two years, the company plans to launch a slew of financial education initiatives aimed at millennials and expand the market for financial services.