Groww Raises $251 Mn Series E Funding Led By Iconiq Growth The company will invest capital to make financial services accessible and transparent to people in India
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Groww raised $251 million at a valuation of $3 billion, led by ICONIQ Growth. The round also saw participation from investors like Alkeon, Lone Pine Capital, and Steadfast. Groww's existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners were also significant participants in the round.
Groww plans to extend its reach to the under-penetrated geographies, strengthen the team, and scale tech infrastructure. The company also plans to continue making significant investments in spreading financial education and awareness.
"We will continue working hard to build an iconic and trusted brand out of India. Over the last five years, we have built a product that customers love and have lowered the barriers to investing across India. 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," said Lalit Keshre, chief executive officer and co-founder, Groww.
Groww, started in 2016, offers to invest in direct Mutual Funds, Stocks, ETFs, and IPO for India's growing retail investors.
"Groww has been helping transform the way India invests by building a platform that exemplifies simplicity, trust, and constant innovation," added Yoonkee Sull, partner, ICONIQ Growth. The financial services market in India is already large, growing rapidly, and ripe for disruption. During the last couple of years, Groww has demonstrated that they are ready to seize that opportunity through strong accelerating momentum predicated on strength of technology. Driven by an exceptional product-oriented team, Groww is already amongst the leading investment platforms in India, showcasing strong unit economics and customer cohorts. We are excited to participate in the company's vision to be the primary financial platform for Indian consumers."
Groww is a digital, DIY, tech-driven platform founded with a mission to make investing accessible and transparent for all. Working towards building the most customer-focused tech company for financial services in India, Groww will continue to add more financial products and services to its platform.
