Groww, an investment app for millennials in India, has raised $21.4 million in a Series B financing round. It was led by US-based venture capital firm Ribbit Capital, with participation from existing investors Sequoia India and Y Combinator.
The two-year-old startup was founded by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal in May 2017. It currently allows users to invest in more than 3,000 mutual fund options through its platform and claims to have amassed 2.5 million registered users.
“This round brings one of the best fintech investors to partner with us in addition to the already great set of partners that we have,” said CEO Lalit Keshre. “In addition, the capital will enable us to strengthen our team to build exciting products for our users.”
Micky Malka, founder of Ribbit Capital, added:
“We backed the Groww team because we believe in their mission. They have built the most trusted product in this space and are on the path to create a category-defining product.”
In a statement, Groww said it will use the funding to expand its engineering, product and growth teams, with plans to grow its workforce to at least 200 people. It will also enhance its technological infrastructure to scale up its investment platform.