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Groww

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Groww
Groww app logo.png
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

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]

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.{{cite web}}: 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

External links

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