Groww, a startup hoping to make saving and funding alternatives extra greatly accessible to younger people in India, has closed a $ 6.2 million series A to develop its business.
founded in 2017, the Bengaluru-based mostly company become part of Y Combinator within the U.S. last 12 months and it went on to carry a $ 1.6 million “pre-collection A” circular in June of last 12 months. Groww changed into all started by four ex-Flipkart staffers — Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal — who realized how elaborate investing in India is, chiefly among younger individuals.
This new funds is led through Sequoia India with participation from Y Combinator, Propel assignment partners and Kauffman Fellows. The company also counts Singapore’s Insignia Ventures companions, Lightbridge partners and Kairos among its backers.
Groww lets its clients put money into mutual cash, including systematic funding planning (SIP) and fairness-linked reductions scheme. It claims over one million registered users, most of whom are aged under forty and mobile-first, in accordance with the enterprise. accessible on iOS, Android and the net, it presents over 5,000 mutual money which can be invested in directly from its app.
Keshre, who’s Groww’s CEO and previously led Flipkart’s logistics platform, advised us that the brand new money should be spent on hiring and constructing tech to help the launch of new items. That might consist of direct investments and ETFs whereas, additional down the line, Keshre said there’s an ambition to offer insurance and extra.
“We’re used throughout India no longer simply in metros,” Keshre observed in an interview. “Our clients are spread across the entire foremost cities… [they’re] working-class, younger millennials straight across India.”
Keshre talked about the center of attention is on holding the app and its design elementary however, like Robinhood within the U.S, he said that the broader purpose is to democratize investing, particularly among younger segments of the inhabitants in India. For now, he brought, there isn’t any plan to venture distant places due to the fact that Groww is barely scratching the surface of what it might develop into in India.
“There are 200 million people with viable earnings in India, however only 20 million buyers. The only technique to convey the subsequent a hundred and eighty million onboard is with the aid of making investing fundamental,” he stated in a statement.