Groww, an investment app for millennials in India, raises $21.4M
Of the 1.3 billion people who live in India, more than 100 million of whom are using digital payment apps each day, only about 20 million today invest in mutual funds and stocks. An Indian startup that is betting on changing that figure by courting millennials has just received a big backing.
Groww, a Bangalore-based startup, said today it has raised $21.4 million in a Series B financing round that was led by U.S.-based VC firm Ribbit Capital. Existing investors Sequoia India and Y Combinator also participated in the round, said the two-year-old startup that has raised about $29 million to date.
Groww allows users to invest in mutual funds, including systematic investment planning (SIP) and equity-linked savings. The app, which maintains a very simplified user interface to make it easier for its largely millennial customer base to comprehend the investment world, offers every fund that is currently available in India.
Lalit Keshre, co-founder and CEO of Groww, told TechCrunch in an interview earlier this week that the market of mutual funds is increasingly widening in India and the startup is hoping to accelerate its growth with the fresh capital. Other than that, he plans to double Groww’s headcount
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