Groww’s valuation hits $3 bn as start-up raises $251 mn in Collection E spherical

Groww’s valuation hits $3 bn as start-up raises $251 mn in Collection E spherical

Fintech unicorn start-up Groww’s valuation has reached $3 billion after a fundraise of $251 million, led by ICONIQ Progress, together with participation from buyers like Alkeon, Lone Pine Capital, Steadfast, and present buyers.

The platform, which can be utilized to spend money on direct mutual funds, shares, ETFs and IPOs, at present has greater than 20 million customers. The corporate had raised $83 million in its earlier spherical, which was at a valuation of $1 billion and was led by Tiger International.

Groww plans to increase its attain to the under-penetrated geographies, strengthen the workforce, and scale tech infrastructure. The corporate plans to proceed making investments in spreading monetary schooling and consciousness.

Based in 2017 by former Flipkart workers Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, the start-up competes with gamers resembling Zerodha and Upstox. Tiger International can be an investor in Upstox.

Lalit Keshre, CEO and co-Founding father of Groww, stated: “We are going to proceed working exhausting to construct an iconic and trusted model out of India. Over the previous 5 years, we have now constructed a product that prospects love and have lowered the limitations to investing throughout India.”

In June 2020, the start-up launched shares with an easy-to-use interface for DIY buyers. It’s also among the many largest mutual fund distribution platforms in India, registering greater than 250,000 new SIPs month-to-month.

Monetary schooling content material has been a vital focus for Groww from its inception. Within the subsequent two years, Groww plans to launch a slew of monetary schooling initiatives aimed toward millennials and develop the marketplace for monetary providers.

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