Bengaluru-based wealth management platform Groww, on Thursday, raised $21.4 million as a part of its Series B funding round led by US-based VC firm Ribbit Capital along with participation from existing investors Sequoia India and Y Combinator.
According to the startup, Groww will use these funds to double its employee count to 200 plus, and hire across functions of engineering, product, and growth teams. The company also aims to use a significant portion of the capital to fortify tech capabilities and build super scalable infrastructure for investing.
Incorporated in 2016, the startup was started by four ex-Flipsters Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, to help users invest in mutual funds directly.
The platform has more than 2.5 million users across India, with 60 percent of them coming from outside of the top six cities. Lalit also claims that two-third of their customers are first time investors (in online financial instruments) and continue to be between the ages 25 and 40.
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