+1-888-308-5802      . .

Groww joins unicorn club after raising USD 83 Mn in Series D funding

Author : Pankaj Singh | Published Date : 2021-04-08 

Groww joins unicorn club after raising USD 83 Mn in Series D funding

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.

Source Credit –

https://economictimes.indiatimes.com/tech/funding/online-investment-app-groww-raises-fresh-funds-led-by-tiger-valuation-jumps-to-1-billion/articleshow/81951257.cms

 

About Author

Pankaj Singh . .

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Bayers new CEO initiates management job cuts to accelerate decision-making

Bayers new CEO initiates management job cuts to accelerate decision-making

Published Date: 2023-09-15         Author: Pankaj Singh

Bayer newly appointed CEO, Bill Anderson, has reportedly unveiled plans to streamline the companys management structure in a bid to expedite decision-making processes. This marks the first step in a broader effort to transform the embattled German company, which has been under pressure from inv... Read More>>

Smurfit Kappa in Merger Talks with WestRock worth $19 Billion

Smurfit Kappa in Merger Talks with WestRock worth $19 Billion

Published Date: 2023-09-08         Author: Pankaj Singh

Smurfit Kappa, a prominent player in the packaging industry, is reportedly engaged in merger discussions with its US counterpart, WestRock. This prospective merger has the potential to create a cardboard box-making powerhouse boasting a market value approaching $19 billion (€17.8 billion). Furt... Read More>>

RBC plans job cuts to take on anticipated economic softening

RBC plans job cuts to take on anticipated economic softening

Published Date: 2023-08-25         Author: Pankaj Singh

The Royal Bank of Canada is reportedly planning to reduce its workforce by approximately 1,800 jobs as part of cost-cutting measures, on account of the anticipated upcoming economic landscape. This decision comes after the country's largest bank surpassed analysts' predictions for the third ... Read More>>

© 2024 Fractovia. All Rights Reserved