On Wednesday, Groww’s online investment platform became Tiger’s latest start-up, with a fresh $83 million in Tiger Global’s $1 billion worth of funding to join the Unicorn club.
Investors from existing investors, Sequoia Capital India, Ribbit Capital, YC Continuity, and Propel Venture Partners also contributed to their investments, according to the Bengaluru company in a statement. The company also contributed to the Series-D funding round. So far, Groww’s investment capital has raised just over $140 million.
In addition to allocating a large amount of money to introduce content for financial education, the company will use fresh funds to expand its range of products. To expand the financial services market, the firm said it plans to launch several financial training initiatives over the next two thousand years. The funds are also used to recruit skilled employees.
“In India, only about 25 million people invest in stocks or reciprocal funds. We’re going to continue to work to change that. The new capital will help us to invest in new products, gain talent and build on the platforms of financial education,” said Lalit Keshre, CEO and co-founder.
Groww is claiming to have over 1.5 crores registered users in over 900 cities. The company was founded in 2017. Users are made easy by simplifying the embedding process in stocks, mutual funds, ETFs, IPOs, and gold. It launched stocks for do-it-yourself investors in June last year with an easy-to-use interface.
The firm also claims to be one of India’s increasing mutual funds distribution platforms, with more than 2.5 lakh new SIPs registered each month. The company states that the majority of its users come from outside the six major cities and are the first investment companies drawn from the simpler user interface of the app. The new funds will expand its product range, recruit and strengthen its millennial financial education content.
Groww is the second Indian fintech to join the unicorn club this week, following Cred, which allows users to pay their credit card bills and gives rewards in return.