Groww Generates US$1.6 mn in Series A Funding

Published Date : Jul 10, 2018

In a pre-series A funding round from Lightbridge Partners, Insignia Ventures Partners, Kairos, together with the participation from Mukesh Bansal and Ankit Nagori, its previous investors, Groww, an India-based investment platform, has raised US$1.6 mn.  The startup will utilize the funds for strengthening the technology further and build scalable development channels. The company was rolled out in April 2017. It offers its customers various direct plans for mutual funds to simplify investing through a mobile application as well as a web platform in agreement with all 34 fund houses. The company wants to introduce more value-added services and financial products in the long term.

"We provoke ourselves consistently with how to keep Groww basic for new financial specialists, while including more items and functionalities. Our long haul objective is to make anything identified with back to a great degree basic and straightforward for clients while giving them the best client encounter," said Lalit Keshre, prime supporter, Groww. In an announcement to the press, the organization said that there are just 20 million financial specialists in India while in excess of 200 million have investable wage. The best way to bring the following 180 million locally available is by making contributing extremely straightforward and law based. By making the whole procedure, including KYC, paperless and consistent Groww would like to snatch share out of the extending market.

The platform, which was founded in April 2017 by Lalit Keshre, Neeraj Singh, Harsh Jain, and Ishan Bansal, ex-Flipkart employees, intends to facilitate investment for the new users, thus, it is creating unique communities, which encourage knowledge-based decisions around the investment opportunities.