Bengaluru-based investment firm Groww has reportedly secured an amount of $1.6 million in a pre-series A funding round. The latest funding round was led by Insignia Ventures Partners, Lightbridge Partners, Kairos.
The funding round also witnessed the participation of existing investors such as Mukesh Bansal and Ankit Nagori. The company plans to use these funds so raised to make its technology strong and further build growth channels that might increase the scale of the company.
“We challenge ourselves every day with how to keep Groww simple for new investors while adding more products and functionalities. Our long-term goal is to make anything related to finance extremely simple and transparent for users while providing them the best user experience,” said Lalit Keshre, co-founder and CEO of Groww.
Groww was launched in 2017 by ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal. The company offers plans for mutual funds that encourages investment through a mobile application and a website in partnership with all 34 fund houses. It grasps data science to make investing simple and transparent. Along with this, the company is also planning to launch more financial products and value-added services.
“Groww is the right idea, at the right time, to enable and empower a new generation of investors in India to build their financial future at a younger age, and we’re excited to be on the ground floor of this sea change,” said Tan Yinglan, founding managing partner of Insignia Venture Partners.
“The Groww team is doing a great job building a trusted relationship with customers with its simple and convenient product offering. Over time it’s not hard to imagine that Groww will layer on more products and services to become the Amazon of Financial Services,” he added.
According to the reports, the company has 20 million investors in India whereas, more than 200 million have investable income. The platform counts top companies including Aditya Birla, SBI Bluechip, L&T among several others in mutual fund space as its partners.