Data science-based mutual fund Online investment platform Groww has secured $30 million in fresh equity financing, led by Continuity Fund, the growth-stage investment fund operated by famed Silicon Valley-based startup accelerator Y Combinator. The round also saw participation from existing investors Sequoia India, US-based financial services-focused investorPropel Ventures, and Ribbit Capital.
Groww, founded in mid-2016 by former Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, was also part of Y Combinator’s winter 2018 batch.
Lalit Keshre, Co-founder and CEO of Groww, said in the press statement, “We started our journey with small steps — writing blogs and making videos to educate people about investing. Our wealth as a nation will keep growing, and our mission is to provide the best experience for investors to manage their wealth. We are happy to partner with investors who believe in our long-term vision. YC played a key role in our early years and now this investment will help us accelerate towards our goals.”
Groww has over 80 lakh registered users, and offers direct mutual funds and stock brokering. The team adds that the platform has recorded over 1.5 lakh new SIPs every month. Apart from mutual funds and stocks, people can also invest in US stocks and Gold on the Groww platform.
Anu Hariharan, Partner at YC Continuity said, “We believe Groww is building the largest retail brokerage in India. At YC, we have known the founders since the company was just an idea and they are some of the best product people you will meet anywhere in the world. We are grateful to be partners with Groww as they build one of the largest retail financial platforms in the world”.
With the funding received, the team is looking to expand its product suite, and hire engineering, growth, and product talent. Groww is also looking to invest in its technology infrastructure. The funding will also be used to further fuel their pan-India financial education initiative ‘Ab India Karega Invest’.