Groww, a fast-growing investment and savings app targeting millennials in India, has closed a $6.2 million Series A funding round to grow its business. The money came from Sequoia India, with existing backers Y Combinator, Propel Venture Partners and Kauffman Fellows also providing additional investment.
Launched in April 2017, Groww offers direct plans for mutual funds and a seamless and transparent approach to investing via a mobile app and web platform. It was founded by ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal and boasts more than a million users.
Keshre, chief executive at Groww, said:
“Millennials are increasingly moving towards financial products instead of real estate and gold. 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.”
Ashish Agrawal, principal at Sequoia Capital India Advisors, added:
“We are seeing a strong growth in the Indian investor base which is fuelling the market need for a better and inexpensive investment platform like Groww.”
The fresh funding comes after Groww raised $1.2 million in pre-Series A led by Insignia Venture Partners, US-based Lightbridge Partners and Kairos fund. The company’s seed funding came from CureFit founders Mukesh Bansal and Ankit Nagori along with Y Combinator in January 2018.
The capital will be utilised to build technology to scale and launch new products.