Even as more than 150 million people are using digital payment apps each month in India, only about 20 million of them invest in mutual funds and stocks. A startup that is attempting to change that figure by courting millennials has just received a big backing.
Bangalore-headquartered Groww said on Thursday it had raised $30 million in its Series C financing round. YC Continuity Fund, the growth-stage investment fund of Y Combinator, led the round, while existing investors Sequoia India, Ribbit Capital and Propel Ventures participated in it. This is the Continuity Fund’s first investment in India. The new rounds brings three-year-old startup Groww’s total raise-to-date to $59 million.
Groww allows users to invest in mutual funds, including systematic investment planning (SIP) and equity-linked savings. The app, which maintains a very simplified user interface to make it easier for its largely millennial customer base to comprehend the investment world, offers every fund that is currently available in India.
In recent months, the startup has expanded its offerings to allow users to buy stocks of Indian firms and digital gold, said Lalit Keshre, co-founder and chief executive of Groww, in an interview with TechCrunch. …read more