Total amount raised
$393.3 Millions
Latest funding date
Location
Groww has successfully raised significant funding across multiple rounds, positioning itself as a key player in the financial services sector. The platform offers a range of investment options, including stocks, mutual funds, and more.
Keep reading to explore the intricacies of Groww's fundraising journey and the investors backing this innovative platform.
What Is Groww?
Groww, founded in 2016, is an investment platform based in Bengaluru, Karnataka, India. The company was established by Harsh Jain, Ishan Bansal, Lalit Keshre, and Neeraj Singh.
Groww offers a user-friendly platform for investing in mutual funds, stocks, US stocks, ETFs, IPOs, and F&Os. The platform emphasizes ease of use, transparency, and security, making it accessible for both novice and experienced investors.
With a workforce of 1001-5000 employees, Groww continues to expand its services and user base, solidifying its position as a leading player in the financial services sector.
How Much Funding Has Groww Raised?
- Seed Round
- Amount Raised: $1.6M
- Date: July 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial product offerings.
- Series A
- Amount Raised: $6.2M
- Date: January 2019
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's features.
- Series B
- Amount Raised: $21.4M
- Date: September 2019
- Lead Investors: Ribbit Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase user acquisition.
- Series C
- Amount Raised: $30M
- Date: September 2020
- Lead Investors: Y Combinator Continuity Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and introduce new investment options.
- Series D
- Amount Raised: ₹6.2B (approx. $83M)
- Date: April 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: A little over $1 billion
- Motivation Behind the Round: To support growth and increase valuation.
- Series E
- Amount Raised: $251M
- Date: October 2021
- Lead Investors: ICONIQ Growth
- Valuation at Round: $3 billion
- Motivation Behind the Round: To expand technology infrastructure, widen reach to under-penetrated regions, and invest in financial education and awareness.
Groww has raised a total of $393.2M with a current valuation of $3 billion.
Key Investors
- ICONIQ Growth
- Details: ICONIQ Growth is a US-based investment firm known for managing the wealth of tech billionaires and investing in high-growth companies. They led Groww's Series E funding round.
- Investment Focus Areas: Technology, financial services, high-growth companies.
- Notable Investments: Airbnb, Uber, Snowflake.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on public and private companies in the global internet, software, consumer, and financial technology industries. They led Groww's Series D funding round.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Flipkart.
- Sequoia Capital India
- Details: Sequoia Capital India is the Indian arm of Sequoia Capital, a venture capital firm that invests in early and growth-stage companies. They are an existing investor in Groww.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Byju's, Zomato, Oyo.
- Ribbit Capital
- Details: Ribbit Capital is a venture capital firm that focuses on financial technology companies. They are an existing investor in Groww.
- Investment Focus Areas: Financial technology.
- Notable Investments: Robinhood, Coinbase, Revolut.
- YC Continuity
- Details: YC Continuity is a growth-stage investment fund by Y Combinator, which supports YC alumni companies. They are an existing investor in Groww.
- Investment Focus Areas: Growth-stage companies, particularly YC alumni.
- Notable Investments: Stripe, Airbnb, Dropbox.
What's Next for Groww?
Groww is poised to seize substantial opportunities in the financial services sector, particularly by expanding into crypto-based investments and enabling investments in US stocks. The platform's focus on reaching under-penetrated regions and enhancing financial education aligns with the broader industry trend of increasing digital adoption and first-time investors. With the wealth management platform market projected to grow significantly, Groww's potential for scaling is immense.
Future fundraising appears promising, given the strong investor confidence demonstrated in recent rounds. The involvement of high-profile investors like ICONIQ Growth and Tiger Global Management suggests that Groww is well-positioned to attract further investment. However, the company must navigate regulatory challenges, especially with crypto investments, and maintain its growth trajectory amidst fierce competition from other fintech startups and traditional financial institutions.
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