Investment platform Groww announced Monday that it has raised $ 251 million in its Series E funding round led by ICONIQ Growth. Investors like Alkeon, Lone Pine Capital and Steadfast also participated in the round table alongside existing investors such as Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global and Propel Venture Partners. Groww is now valued at $ 3 billion after the last round of funding.
The platform plans to expand its reach to underpenetrated geographies, strengthen the team, and expand the technology infrastructure. It also aims to make significant investments in the dissemination of financial education and awareness.
“Over the past five years, we have built a product that customers love and have lowered the barriers to investing in India. We are making a difference in the lives of millions of Indians by democratizing access, ”said Lalit Keshre, CEO and co-founder of Groww.
ICONIQ Growth partner Yoonkee Sull said the financial services market in India is already large, growing rapidly and poised for disruption. “Over the past two years, Groww has demonstrated that they are ready to seize this opportunity through strong acceleration based on the strength of technology,” said Sull.
Founded by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal in 2016, Groww enables retail investors to access financial products and services through its web and mobile app. It offers Indian retail investors to invest in direct mutual funds, stocks, ETFs and IPOs.
The investment platform aims to become the most client-focused technology company for financial services in India. It also plans to add more financial products and services.
ICONIQ Growth has companies like AirBnB, Alibaba, Docusign, Gitlab, Uber, Zoom and more in its portfolio of invested companies.
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