Groww, dedicated to inspire the new generation of investors, raised a $21.4Mn Series B funding round from US-based VC firm Ribbit Capital along with existing investors Sequoia India and Y Combinator also participating in the round.
Groww will use these funds to get top talent on board across engineering, product, and growth teams, and is looking to increase the team size to 200 plus soon. The company also aims to use a significant portion of the capital to fortify tech capabilities and build super scalable infrastructure for investing.
Lalit Keshre, Co-founder and CEO, Groww, 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.”
Speaking on the development, Micky Malka, Founder of Ribbit Capital, said, “We backed the Groww team because we believe in their mission. They have built the most trusted product in this space and are on the path to create a category-defining product.”
Ashish Agrawal, Principal, Sequoia Capital India LLP said “Sequoia India continues to be impressed by Groww’s execution of their vision to provide a low-cost seamless investing experience. We are excited to have Ribbit Capital join the team and look forward to partnering with them to build Groww”.
Groww is the most loved app in India for investing, with an app rating of 4.6. The platform has 2.5 Mn+ users across India, with more than 60% of them coming from outside of the top six cities. Attracted by the simple and seamless experience, more than two-thirds of users who start on Groww, are first-time investors. Groww currently offers commission-free investing in mutual funds via its website, Android and IOS app for free.
“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 “ added Keshre.