Nearly six months after turning unicorn, online investment platform Groww has trebled its valuation to USD 3 billion after its latest funding exercise. The fintech startup has raised USD 251 million (Rs 22,500 crore) in Series E financing round.
US-based investment firm ICONIQ Growth led the latest round with particpation of Alkeon, Lone Pine Capital and Steadfast.
Groww’s existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners were also participants in the round.
Groww, which has now raised $391 million to date, crossed USD 1 billion valuation in April this year.
The Bengaluru-based startup plans to extend its reach to the under-penetrated geographies, strengthen the team, and scale tech infrastructure. The company plans to continue making investments in spreading financial education and awareness.
Founded in 2017 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww enables users to invest in stocks, mutual funds, ETFs, IPOs, Gold etc.
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 past five years, we have built a product that customers love and have lowered the barriers to investing across India.”
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The startup currently has a user base of over 20 million across its offerings, with 70 percent of users from Tier II and III regions. It is among the largest mutual fund distribution platforms in India, registering more than 250,000 new SIPs monthly. Groww competes with players such as Zerodha, Uptox, Paytm Money and Angel Broking. New players like Dhan and Fisdom too are entering the stockbroking space with an aim to build a user base of one million in the next year.
