You are here: Home » Companies » News
Business Standard

Groww raises Rs 220 cr in Series C funding from Sequoia, Ribbit Capital

Investment platform Groww said it has raised Rs 220 crore in Series C funding round from existing investors Sequoia India, Ribbit Capital, Propel ventures and a new investor YC Continuity

Topics
Groww | Sequoia India

Press Trust of India  |  New Delhi 

loans, aum, assets, banks, investment, shares, stocks, funds
Representative image

Investment platform on Thursday said it has raised Rs 220 crore in Series C funding round from existing investors Sequoia India, Ribbit Capital, Propel ventures and a new investor YC Continuity.

Series C financing (also known as Series C round) is one of the stages in the capital-raising process by a startup. The series C round is the fourth stage of startup financing.

plans to utilise the money raised to enhance its technology infrastructure, expand their product suite and hire top talent across engineering, product and growth divisions, according to the company's statement.

will also utilise part of the funding to fuel their pan-India financial education initiative 'Ab India Karega Invest'.

"Our wealth as a nation will keep growing, and our mission is to provide the best experience to investors to manage their wealth. We are happy to partner with investors who believe in our long-term vision," Groww co-founder and CEO Lalit Keshre said.

Incepted in 2017, Groww claims to have over 80 lakh registered users on the platform in India. The platform currently offers stock broking and direct mutual funds.

Groww records more than 1.5 lakh new SIPs every month, the company claimed.

"India is seeing increased participation of retail investors in financial markets with 2 million new stock market investors added in the last quarter alone. Groww is leading this change by serving millions of retail investors," Sequoia Capital India LLP Principal Ashish Agrawal said.

Groww claims that 60 per cent of its users hail from tier 2 and 3 cities and 60 per cent are first time investors.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, September 10 2020. 12:52 IST
RECOMMENDED FOR YOU
.