Currently, Internet has reached the major parts of India. Indians are now more aware of online platforms. Online transactions have grown exponentially in recent years. As per research data, 200 million users take the advantage of online transaction infrastructure. But, you will be surprised to know that only 15% of them have shown interest in stocks and mutual funds.
Groww, the online platform for investment, is here to bridge that gap. The online firm recently got unicorn status. Its main objective is to aware small cities’ young generation about investment. The company has started workshops in small cities of India to make people aware of the stock business and mutual funds.
Beginning of Groww
Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal were part of Flipkart as an employee. One day, they decided to quit their job at Flipkart in April 2016. The co-founders started working on the Groww project. Their main objective was to simplify the investment process. And opportunities for all was the main motive behind Groww.
Initially, they worked as investment advisors who helped the people in the right investment. At that time, Groww was not providing investment from its platform. People started the queries about investment opportunity from the Groww platform itself.
Groww started its new platform with additional features in May 2017. The user response was overwhelming. The online firm acquired 6 times more users compared to their first-month expectation. From that time onwards, Groww kept growing and became one of the trusted platforms for investment.
Since Groww’s 60% registered users belong to small cities, the company started a financial awareness program “Ab India Karega Invest” in January 2020. Through this program, Groww conducted workshops in small cities to provide investment-related knowledge.
The firm selected 52 small cities for 52 weeks to conduct investment-related conferences. For pilot testing, the company choose Lucknow, Jaipur, and Patna as their initial destinations.
Growth of Groww Platform
How will the “Ab India Karega Invest” platform help the small cities investors? Answering this question, Lalit Keshre, Co-founder and CEO, Groww said:
“The penetration of financial services in India is really low beyond metros. Groww is making investing accessible to millions of people in India with a sharp focus on customer experience. For us, there are no boundaries. This program helps us in multiple ways, but the biggest one is to closely engage with aspiring investors spread across these cities in India”.
Groww doesn’t have the policy to share its revenue. In terms of userbase, the firm has 15 million+ registered users. The company has helped in opening 1.8 million Demat accounts till now. And it entertains approximately 4 million monthly users.
Recently, Groww joined the unicorn club with an $83 million funding raise led by Tiger Global. It was the series D financial round completed by Grow.
The online investment platform has three major plans for the coming years. First, the company wants to offer more products in the future. Second, the startup wants to hire more staffs to grow further. Third, the company wants to organize more investment-related workshops to educate people about the opportunities in investment.
