The corporate will deploy the contemporary funds to develop its vary of merchandise moreover apportioning an excellent amount of cash in direction of introducing monetary schooling content material.
On-line funding platform Groww on Wednesday grew to become the newest start-up to hitch the unicorn membership after it raised a contemporary $83 million in funding led by Tiger World at a valuation of over $1 billion.
The funding which is a part of the corporate’s Sequence D financing spherical additionally noticed participation from current buyers Sequoia Capital India, Ribbit Capital, YC Continuity and Propel Enterprise Companions, the Bengaluru-based firm mentioned in an announcement. Groww has raised a little bit over $140 million in capital from buyers up to now.
The corporate will deploy the contemporary funds to develop its vary of merchandise moreover apportioning an excellent amount of cash in direction of introducing monetary schooling content material. The agency mentioned that it plans to launch a slew of economic schooling initiatives for millennials within the subsequent two years in a bid to develop the marketplace for monetary companies. The a part of the funds may also be used to rent expert workers.
“Solely round 25 million individuals in India are investing in shares or mutual funds. We’ll proceed working to alter this. The brand new capital will assist us spend money on new merchandise, purchase expertise and proceed constructing our monetary schooling platforms,” mentioned Lalit Keshre, CEO & co-founder.
Based in 2017, Groww claims to have greater than 1.5 crore registered customers throughout greater than 900 cities. The agency makes it simple for customers to spend money on shares, mutual funds, ETFs, IPOs, and gold by simplifying the onboarding course of. In June final 12 months, it launched shares with an easy-to-use interface for do-it-yourself (DIY) buyers.
The corporate additionally claims to be among the many rising mutual fund distribution platforms in India, registering greater than 2.5 lakh new SIPs month-to-month.