Bengaluru, January 25, 2019:Groww, a simple, free investment platform for millennials, has raised $6.2mn in a Series A round of funding led by Sequoia India. Y Combinator, Propel Venture Partners and Kauffman Fellows also participated in the round. The funds will be used to build technology to scale and launch new products that offer high quality investment options to the young, increasingly upward mobile generation.
Launched in April 2017, Groww currently offers direct mutual fund investment plans and soon plans to roll out all other investment products including stocks. Growwfocuses on millennial investors and has a fast-growing user base of over a one million users. They actively engage with this user base, sharing information around products and services that help them make informed investment decisions.
Groww aims to change the way India invests
“Millennials are increasingly moving towards financial products instead of real estate and gold. Our goal is to become THE wealth app for the younger generation. There are 200 million people with investable income in India, but only 20 million investors. The only way to bring the next 180 million onboard is by making investing simple”, said LalitKeshre, Co-founder & CEO, Groww. “We want to create a platform that has all possible investment solutions within a tech-enabled, easy-to-use interface – and all this, while providing the best-in-class user experience above all else. That is the fundamental premise of our offering.”
“We are seeing a strong growth in the Indian investor base which is fuelling the market need for a better and inexpensive investment platform like Groww”, said AshishAgrawal, Principal, Sequoia Capital India Advisors. “With their strong product sensibilities and focus on the millennial investor, Groww aspires to be the preferred product for retail investors in India. Sequoia India is excited to lead the Series A investment and join the founders journey to transform retail investing in India.”
Groww is the brainchild of ex-Flipkart employees LalitKeshre, Harsh Jain, Neeraj Singh and Ishan Bansal. The startup has been recognized by BSE for one of the “highest transaction in mutual funds” on a platform. It offers schemes from all 34 mutual funds for direct plans.