on Monday announced that it had raised $ 251 million at a valuation of $3 billion, led by Iconiq Growth. The company plans to grow aggressively in the financial sector business and also raise awareness about investments as well as finance.
Founded in 2016, Groww offers investing in direct mutual funds, stocks, ETFs, and IPO for India’s growing retail investors. It plans to extend its reach to under-penetrated geographies, strengthen the team, and scale tech infrastructure.
According to the company statement, the company will invest capital to make financial services accessible and transparent to people in India. It also plans to continue making significant investments in spreading financial education and awareness.
Speaking about the recent development, Lalit Keshre, CEO and Co-Founder of Groww, said, “We will continue working hard to build an iconic and trusted brand out of India. Over the last five years, we have built a product that customers love and have lowered the barriers to investing across India. We are making a difference in the lives of millions of Indians by democratising access. And it seems the journey has just begun with such a huge opportunity ahead of us.”
Earlier in April this year, the startup raised $83 million in a Series D round, which valued the fast-growing startup at a valuation of more than $1 billion, making it an entrant to India’s unicorn club.
Commenting on the investment, Yoonkee Sull, partner at ICONIQ Growth, added,
“Groww has been helping transform the way India invests by building a platform that exemplifies simplicity, trust, and constant innovation.”
“The financial services market in India is already large, growing rapidly, and ripe for disruption. During the last couple of years, Groww has demonstrated that they are ready to seize that opportunity through strong accelerating momentum predicated on strength of technology.
“Driven by an exceptional product-oriented team, Groww is already amongst the leading investment platforms in India, showcasing strong unit economics and customer cohorts. We are excited to participate in the company’s vision to be the primary financial platform for Indian consumers.”
The round also saw participation from investors like Alkeon, Lone Pine Capital and Steadfast. Groww’s existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners were also significant participants in the round.