Groww

Groww is an online investment platform that allows investors to invest in mutual funds and stocks.[2] Headquartered in Bangalore, Karnataka, the company has raised over $140 million as of April 2021, at a valuation of $1 billion.[3]

Groww
HeadquartersBangalore, Karnataka, India
OwnerNextbillion Technology
Key peopleLalit Keshre (CEO),
Harsh Jain, Neeraj Singh and Ishan Bansal [1]
IndustryFinancial technology
ServicesInvestment platform
URLgroww.in
LaunchedApril 2016

History

Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh (former employees of Flipkart) started Groww in 2016 primarily as a mutual fund investment platform. The company started its operations through a WhatsApp group and other social media platforms engaging with members on topics relating to investing and wealth management. In 2020, the company forayed into stockbroking service.[4] The platform now offers direct investments in mutual funds, stocks, initial public offerings, digital gold, and exchange-traded funds.

Funding and acquisitions

The company is valued at $1 billion[5] (as at May 2021)[6] and has raised more than $142 million from investors to date.

In July 2018, Groww raised $1.6 million in a pre-series A round of funding led by Insignia Ventures Partners, Lightbridge Partners, Kairos and others.[7]

In January 2019, the company raised $6.2 million in a series A round of funding led by Sequoia Capital India.[8]

In September 2019, it 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.[9]

In September 2020, the company raised $30 million in a Series C funding round led by YC Continuity and previous investors.[10]

In April 2021 the startup reached unicorn status by raising $83 million at over $1 billion valuation in a Series D financing round.[11]

Groww acquired mutual fund business of Indiabulls to enter Asset management Business (AMC).[12]

Awards
  • 2017-18: BSE Star MF award for 2nd best performer in RFD category in Karnataka [13]
  • 2017-18: 3rd place in BSE Star MF Fintech – Highest Transactions 2017-18 [14]
  • 2018-19: 1st place in BSE Star MF Fintech – Highest Transactions 2018-19 [15]

See also

References
  1. The Four At Groww Are Wooing First Time Retail Investors With Zero Commission Investment Products BusinessWorld Retrieved on 2 January 2020
  2. Startups that put money to work Livemint
  3. "Groww becomes the latest unicorn with fresh $83 m funding". The Financial Express. 8 April 2021. Retrieved 14 May 2021.
  4. Borate, Neil (19 April 2020). "Mutual Fund platform Groww to launch stock broking services". mint. Retrieved 15 May 2021.
  5. Apr 7, TNN /; 2021; Ist, 18:03. "Tiger Global funding leads Groww to become 8th unicorn in 2021 - Times of India". The Times of India. Retrieved 17 November 2021.CS1 maint: numeric names: authors list (link)
  6. Ahmad, Samreen (7 April 2021). "Groww's valuation shoots past $1 billion with $83 mn Series D funding". Business Standard India. Retrieved 15 May 2021.
  7. Bhakta, Pratik. "Groww raises $1.6 million in pre-series A round of funding". The Economic Times. Retrieved 15 May 2021.
  8. "Mutual Fund investment platform Groww raises $6.2 million". The Financial Express. 24 January 2019. Retrieved 15 May 2021.
  9. "Groww, an investment app for millennials in India, raises $21.4M". TechCrunch. Retrieved 15 May 2021.
  10. Bureau, BW Online. "Groww Raises 30 M in Series C Round led by YC Community". BW Disrupt. Retrieved 15 May 2021.
  11. "Investment app for millennials, Groww, raises $83 million at over $1 billion. valuation". TechCrunch. Retrieved 15 May 2021.
  12. "Groww To Buy Indiabulls' Mutual Fund Business For Rs 175 Crore". Moneycontrol. Retrieved 15 May 2021.
  13. Groww Wins BSE Award for Performance
  14. Muhurat Trading Session at BSE in the Vikram Samvat Year 2075 Bombay Stock Exchange Retrieved on 2 January 2020
  15. Muhurat Trading Session at BSE in the Vikram Samvat Year 2076 Bombay Stock Exchange Retrieved on 2 January 2020
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.