Bengaluru based Mutual Fund and SIP based investment platform Groww raises an undisclosed seed funding from Y Combinator, Mukesh Bansal (Myntra Founder) and Ankit Nagori, former chief business officer of Flipkart.
The company will use the fresh round to expand its technology team and also introduce new products for its customers.
“Our long-term vision is to build a modern financial services company out of India, accessible to everyone. That means anything that users get from a bank, should be able to get it faster and cheaper on Groww with 10 times better user experience”, said Lalit Keshre, Co-founder & CEO.
Founded by ex-Flipkart executives, Groww leverages data science to make investing simple and transparent. It also hosts several communities that help investors make the right investing decisions helping them understand financial products through its user-friendly interface and content that is specific to their needs.
Currently, the platform offers more than 5000 mutual funds where investors can invest without any paperwork. Currently available only on Android, Groww intends to get around 1 million users in the next 12 months.