In India, online payment system adaptation has increased dramatically in the last few years. As per a report, 200+ million Indians do online transactions. You will be surprised to know that only 30 million users in India have shown interest to invest in mutual funds and stocks.
Recently, financial startups are trying to reduce this wide gap of online investment. Grow is one such startup that has the vision to help Indians in online investments.
Financial Details of Groww
To strengthen its operations, the startup has raised $83 million in the latest funding round on Wednesday. And this funding has helped the company to join a billion-dollar club.
India is the world’s second-largest digital market and Groww is the new unicorn of the Indian Startup ecosystem. After PharmEasy, it is the second unicorn club member within a day. Overall, it’s the 4th unicorn member of this week.
Groww earned $83 million in the latest Series D funding round and it has helped to surge its market value to more than $1 billion. In a series C funding round in September 2020, the company raised $30 million to clock a market cap of $250 million.
New York based Tiger Global led the latest funding round. And existing investors Sequoia Capital India, Ribbit Capital, YC Continuity, and Propel Venture Partners also showed interest in the current funding round. The fintech startup has raised a total of $142 million up to now. Grow was founded in 2017.
Overall, Groww has become the 8th Unicorn of 2021 and it’s also the fourth unicorn club member this week. Meesho, Cred, and PharmEasy are the other 3 startups that got unicorn status this week.
Major Operations and Audiences of Groww
Groww deals in online investments like mutual funds and SIP(Systematic Investment Planning). It also helps users to invest in gold, equity savings, share market, and also the US exchange-listed organizations. The startup offers a variety of funds available in India.
Currently, Groww has 8 million registered users and two-thirds of them are new investors.
How Groww will invest the fresh funds? In reply to this question with TechCrunch, Lalit Keshre, co-founder and CEO of Groww said:
“We now have the fuel for longer-term thinking and faster growth.”
He further added that to grow, we need talented staff. That is what the company is planning to hire in the coming months. Harsh Jain, Neeraj Singh, and Ishan Bansal are the other co-founders of Groww.
Groww has a strong user base in small cities of India. More than 60% of Groww users belong to small cities and 60% of these users are new to the investment market. The firm is trying to attract more small city users through awareness. Recently, it conducted different workshops in these small cities to educate the people.
Talking about the mission of Groww, CEO Keshre 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.”
