Benaluru, NFAPost: Growing the stature of Indian fintech startup ecosystem, investment app Groww tripled its valuation to $3 billion and raised a total of $251 million.
It is interesting to note that Bengaluru-headquartered Groww tripled its valuation to $3 billion in just six months in the world’s second largest internet market. Iconiq Growth led $251 million Series E financing round.
Besides Alkeon, Lone Pine Capital and Steadfast, the series E funding round also found participation from existing investors Sequoia Capital India, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners “significantly” participated in the new round.
Groww, which has now raised over $390 million to date, was valued at $250 million in September last year and $1 billion in April this year. Groww helps millennials invest in mutual funds, futures, derivatives, stocks, and initial public offerings. Groww cofounder and chief executive officer Lalit Keshre said the company is working to introduce several more asset classes for its users to invest.
“We plan to offer them all asset classes eventually. We are making a difference in the lives of millions of Indians by democratizing access. And it seems the journey has just begun with such a huge opportunity ahead of us,” he said.
Groww is tapping into a huge market. More than 200 million people in India transact money digitally, but fewer than 30 million currently invest in mutual funds and stocks. The startup had over 15 million registered users earlier this year, two-thirds of whom are first-time investors. Additionally, more than 60% of Groww users are in smaller cities and towns of India. (Groww had 12 million monthly active users last month, according to data from research firm App Annie.)
The startup will deploy the fresh capital for its long-term growth and educating the first time investors.
