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The spherical additionally noticed participation from present traders Sequoia India, Propel Ventures, and Ribbit Capital
Groww’s chief government Lalit Keshre says the fund can be used to construct new merchandise, groups and infrastructure
Groww gives direct plans for mutual funds by way of a cell app and internet platform
Information science-based mutual fund investing platform Groww secured $30 million in contemporary fairness financing, led by Continuity Fund, the growth-stage funding fund operated by Silicon Valley-based startup accelerator Y Combinator.
The spherical additionally noticed participation from present traders Sequoia India, Propel Ventures, and Ribbit Capital.
The Bengaluru-headquartered startup raised $21 Mn from fintech-focused funding agency Ribbit Capital in September final 12 months. The funding by Continuity Fund is more likely to be its second in India, after the one in home-grown fintech main Razorpay earlier.
Y Combinator’s Continuity Fund usually backs YC alumni corporations and invests between $20 million and $100 million, often coming in on the Sequence B spherical or later.
Talking to ET, Lalit Keshre, chief government of Groww, mentioned, “We will be using the proceeds to build many more products, teams, infrastructure… For now, we are focused on the stock investing platform, and are looking to scale that. We also plan to launch international equities, where people can invest in US stocks.”
Launched in April 2017, Groww gives direct plans for mutual funds and a seamless and clear method to investing by way of a cell app and internet platform.
Based by ex-Flipkart staff Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww companions with all 34 fund homes. In the long run, the corporate can be launching extra monetary merchandise and value-added providers.
Groww competes with Steadview Capital and Tiger World-backed IndWealth and Accel Companions’ portfolio firm Scripbox in offering a web based investing platform to shoppers and retail traders, which permits them to put money into mutual funds and shares, in what’s being seen as an more and more aggressive house.
The corporate has, until date, cumulatively raised an estimated $60 million in funding throughout rounds.
The most recent spherical noticed some angel traders within the firm, which embody Curefit founders Mukesh Bansal and Ankit Nagori, promoting a portion of their stakes, mentioned ET.
Shaken by the pandemic, Curefit had just lately introduced that it is going to be closing its centres in 15 Tier 2 cities together with Mysuru, Surat, Ahmedabad, Indore and others. Subsequently, the corporate had laid off 1000 staff throughout the board — from trainers (grasp and lead trainers) to human useful resource executives to managers and centre heads.
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