Groww, an online investment platform for millenials, has raised $6.2mn in a Series A funding round led by Sequoia India.
Bengaluru, 23 Jan, 2019. RedNewswire/-
Groww was launched in April 2017 by four former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal. The round also saw participation from US-based seed investor and accelerator Y Combinator, Propel Venture Partners and Kauffman Fellows, Groww said in a statement.
The Bengaluru-based company will utilise the fund to enhance the technology and launch new products and take investments to the millennial population.
Earlier in July 2016, the Bengaluru-based startup also raised $1.6 Mn from Insignia Ventures Partners, Lightbridge Partners, Kairos, and existing investors Mukesh Bansal and Ankit Nagori.
Lalit Keshre, co-founder and chief executive officer of Groww said “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.”
While more than 200 million people have investable income in India, only 10% actually invest, according to Groww.