Groww, an investment app for millennials in India, raises $6.2M

TechCrunch | 1/23/2019 | Staff
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Groww, a startup hoping to make saving and investment opportunities more widely available to young people in India, has closed a $6.2 million Series A to grow its business.

Founded in 2017, the Bengaluru-based company was part of Y Combinator in the U.S. last year and it went on to raise a $1.6 million “pre-Series A” round in June of last year. Groww was started by four ex-Flipkart staffers — Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal — who realized how difficult investing in India is, particularly among young people.

Money - Sequoia - India - Participation - Y

This new money is led by Sequoia India with participation from Y Combinator, Propel Venture Partners and Kauffman Fellows. The company also counts Singapore’s Insignia Ventures Partners, Lightbridge Partners and Kairos among its backers.

Groww lets its users invest in mutual funds, including systematic investment planning (SIP) and equity-linked savings scheme. It claims over one million registered users, most of whom are aged under 40 and mobile-first, according to the company. Currently on Android only, it offers over 5,000 mutual funds which can be invested in directly from its...
(Excerpt) Read more at: TechCrunch
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