Groww is an online investment platform that allows its clients to invest in stocks, futures, options, mutual funds, etc. in a fast and transparent way. To make the process easy, the company built up a special app, where customers can track everything that happened with their investments.
The funding round Series E was led by Iconiq Growth. Among new investors were Alkeon, Lone Pine Capital, and Steadfast as well as existing investors Sequoia Capital India, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners. The money raised will be used for the long-term development and education of first-time investors.
Groww, headquartered in Bangalore, India, was launched in 2016 by Lalit Keshre (CEO), Harsh Jain, Neeraj Singh, and Ishan Bansal. The company began its activity by attracting people through WhatsApp and other social networks. As of now, the team consists of approximately 500 employees. Groww has more than 10 million customers, among them 60% are from small Indian cities and towns. “We are making a difference in the lives of millions of Indians by democratizing access. And it seems the journey has just begun with such a huge opportunity ahead of us,” Lalit Keshre said.
