Groww’s valuation grows to $3 billion

By: |
October 26, 2021 5:30 AM

This is Groww’s sixth financing round, and to date, it has raised capital worth $390 million from multiple VCs and PE investors. Its last fundraise was an $83-million round led by Tiger Global in April this year when it was valued at $1 billion.

The online trading and investment segment has seen heightened competition in the past few months and a large number of funding rounds and acquisitions.

Online investment and wealth management platform Groww on Monday said it has raised $251 million in equity financing at a valuation of $3 billion, led by California-based venture capital (VC) firm ICONIQ Growth.
The round also saw participation from investors like Alkeon, Lone Pine Capital and Steadfast. Groww’s existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners also participated in the round.

This is Groww’s sixth financing round, and to date, it has raised capital worth $390 million from multiple VCs and PE investors. Its last fundraise was an $83-million round led by Tiger Global in April this year when it was valued at $1 billion.

The online trading and investment segment has seen heightened competition in the past few months and a large number of funding rounds and acquisitions.

With the current funding, Groww is now one of the highest valued online investment platforms alongside other names such as Zerodha, Paytm Money, and AngelOne to breach the $1-billion valuation mark. Groww also recently received the Competition Commission of India’s (CCI) approval to acquire Indiabulls asset management company (AMC).

Started in 2016, Groww allows users to invest in direct mutual funds, stocks, ETFs and IPO for India’s retail investors.
Groww plans to use the fresh funding to extend its reach to the under-penetrated geographies, strengthen the team and scale tech infrastructure. The company also plans to continue making significant investments in spreading financial education and awareness.

“We will continue working hard to build an iconic and trusted brand out of India. Over the last five years, we have built a product that customers love and have lowered the barriers to investing across India. We are making a difference in the lives of millions of Indians by democratizing access. And it seems the journey has just begun with such a huge opportunity ahead of us,” Lalit Keshre, CEO and co-founder of Groww, said in a statement.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Udyam portal: Micro enterprises dominate registration count on Modi govt’s digital platform
2Tea Board orders registered buyers not to blend imported tea with Indian orthodox varieties
3Redmi Note 11T 5G launched; new Xiaomi phone will take on Lava Agni 5G, Realme 8s at starting price of Rs 16,999