Bengaluru-Based Groww Raises $30M in Series C Round Led by YC Continuity

Bengaluru-Based Groww Raises M in Series C Round Led by YC Continuity

Groww, the Bengaluru-based investment management startup, has raised $30 million in Series C funding led by YC Continuity, making it the first investment by the investment firm in India. The round also saw participation from Sequoia India, Propel Ventures, and Ribbit Capital.

With this round of funding, the team is looking to expand its product suite, and hire engineering, growth, and product talent. Groww is also looking to invest in its technology infrastructure. The funding will also be used to further fuel their pan-India financial education initiative ‘Ab India Karega Invest’.

Founded by ex-Flipkart executives in 2017, Groww has over 80 lakh registered users, and offers direct mutual funds and stock brokering. The team adds that the platform has recorded over 1.5 lakh new SIPs every month.

Apart from mutual funds and stocks, people can also invest in US stocks and Gold on the Groww platform. Groww will soon expand into other products that will help investors diversify across multiple asset classes. The team added that the platform has also seen a rise with close to one lakh demat accounts getting added on a monthly basis, within three months of the launch.

“India is seeing increased participation of retail investors in financial markets – with two million new stock market investors added in the last quarter alone”, said Ashish Agrawal, Principal, Sequoia Capital India LLP, adding, “Groww is leading this change by serving millions of retail investors. In the last two years, they have expanded their product offering and built a strong team in its journey to make investing simple for Indians.”

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