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Groww raises $1.6 million in pre series A round of funding

The Bengaluru based startup will use the funds for further strengthening technology and build scalable growth channels.

, ET Bureau|
Jul 09, 2018, 12.38 PM IST
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Groww
The company said that there are only 20 million investors in India while more than 200 million have investable income.
BENGALURU: Investment platform, Groww has raised $1.6 million in a pre-series A round of funding from Insignia Ventures Partners, Lightbridge Partners, Kairos along with participation from previous investors Mukesh Bansal and Ankit Nagori. The Bengaluru based startup will use the funds for further strengthening technology and build scalable growth channels.

Launched in April 2017, Groww offers direct plans for mutual funds to facilitate investing via a mobile application and a web platform in partnership with all 34 fund houses. In long term, the company wants to launch more financial products and value-added services.

“We challenge ourselves every day with how to keep Groww simple for new investors, while adding more products and functionalities. Our long term goal is to make anything related to finance extremely simple and transparent for users while providing them the best user experience," said Lalit Keshre, co-founder, Groww.

In a statement to the press, the company said that there are only 20 million investors in India while more than 200 million have investable income. The only way to bring the next 180 million onboard is by making investing very simple and democratic.

By making the entire process, including KYC, paperless and seamless Groww hopes to grab share out of the expanding market.

Founded by ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal in April 2017 the platform intends to simplify investing for the new users, thereby is building unique communities that encourage knowledge-based decisions as well around the investment opportunities.

Also Read

Ribbit leads $21 mn round in Groww

Groww raises $6.2 million from Sequoia & others

Groww in talks with Sequoia to raise Rs 42.5 crore

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