US-based Y Combinator, Propel Venture Partners and Kauffman Fellows participated in the funding round.
Online direct mutual funds investment platform Groww has raised $6.2 million in series A round of funding led by Sequoia Capital India. The company that caters to millennial investors will use the funds to build technology and launch new products, it said in a statement. US-based Y Combinator, Propel Venture Partners and Kauffman Fellows also participated in the round.
Bengaluru-based Groww had in July last year raised $1.6 million in pre-series A round of funding from Insignia Ventures Partners, Lightbridge Partners, Kairos and others alongwith participation from CureFit founders Mukesh Bansal and Ankit Nagori. The firm had also raised an undisclosed amount in seed funding from Y Combinator and exisiting investors Bansal and Nagori earlier. With the lastest round, the total funds raised by the company stands at $7.8 million.
“Millennials are increasingly moving towards financial products instead of real estate and gold. Our goal is to become the wealth app for the younger generation,” said Lalit Keshre, co-founder & CEO, Groww. “We want to create a platform that has all possible investment solutions within a tech-enabled, easy-to-use interface – and all this, while providing the best-in-class user experience above all else. That is the fundamental premise of our offering”.
The company that competes with firms like Paytm Money soon plans to roll out all other investment products including stocks. Launched in 2017, Groww is led by ex- Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal.