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Bangalore-based investment platform, Groww has reportedly secured USD 251 million in a Series E funding round led by Iconiq Growth. The fresh funds will be used to expand the company’s offerings, educate first-time investors, and help millennials in starting their investment journey in the Indian market.
The funding round also saw participation from Alkeon Capital Management, Steadfast Capital Management LP, Propel Venture Partners, Sequoia Capital India, Tiger Global Management LLC, Rabbit Capital Management LLC, and YC Continuity.
Groww has raised USD 390 million to date and was assessed at USD 250 million in September 2020, and USD 1 billion in April 2021. The online investment platform is also planning to finalize a USD 250 million investment round at a valuation of USD 3 billion.
For the record, the Bangalore-based company helps people to invest in futures, mutual funds, derivatives, initial public offerings, and stocks. The company had over 15 million registered users earlier this year, two thirds of whom were first time investors. Moreover, Groww recorded 12 million monthly active users in September 2021.
The Chief Executive Officer and Co-Founder of Groww, Lalit Keshre was quoted saying that the startup is planning to offer various asset classes for users to invest in. The company is making a difference in the lives of millions of users by democratizing access, he added.
Yoonkee Sull, a partner at Iconiq Growth reportedly said that India has a huge financial service market which is expanding rapidly. Groww has a strong product-oriented team and is amongst the leading investment platforms in India due to its customer base and is aiming to be the primary financial platform for Indian consumers.
According to sources, the five-year old startup is also studying cryptocurrency. But the company is not planning to offer any such investment opportunity to users until the Indian regulator allows the same. Groww is on time to record USD 35 million in annual recurring revenue.
Source Credits—
https://techcrunch.com/2021/10/24/india-groww-valued-at-3-billion-in-251-million-funding/
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