It’s raining unicorns within the Indian startup ecosystem. After companies Meesho, Cred and Pharmeasy joined the unicorn membership, on-line funding platform Groww has change into the newest member of the group. The platform has raised $83 million in Collection D spherical led by Tiger Global. The corporate has up to now raised a complete of $142 million.
The Bengaluru-based firm is now valued over $1 billion with the contemporary funding. Present traders Sequoia Capital India, Y Combinator, and Ribbit Capital additionally participated within the spherical.
It’s the second fintech agency to affix the unicorn record after CRED and the fourth startup to change into unicorn in three days. For the reason that begin of the 12 months India has seen eight unicorns.
Based in 2017 by former Flipkart staff Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww allows customers to put money into shares, mutual funds, ETFs, IPOs, and gold in a easy, paperless, and hassle-free method. It at the moment has over 15 million registered customers.
“We have now made good progress, however it feels we’ve simply bought began. Solely round 25 million folks in India are investing in shares or mutual funds. We’ll proceed working to vary this. The brand new capital will assist us put money into new merchandise, purchase expertise and proceed constructing our monetary training platforms,” stated Keshre, CEO and Co-founder, Groww.
The startup competes with gamers akin to Zerodha and Upstox. Tiger Global can be an investor in Upstox.
Groww plans to develop its product suite with the brand new fundraise, rent expertise, and put money into monetary training and consciousness. In June final 12 months, the startup launched shares with an easy-to-use interface for DIY traders. It is usually among the many largest mutual fund distribution platforms in India, registering greater than 250,000 new SIPs month-to-month. Monetary training content material has been a vital focus for Groww from its inception. Within the subsequent two years, Groww plans to launch a slew of economic training initiatives geared toward millennials and develop the marketplace for monetary providers.