Groww funding

Online trading platform Groww on Wednesday announced it had raised $83 million in a series D round, taking the fast-growing startup at a valuation of over $1 billion, making it the fourth entrant to India’s unicorn club this week. 

Tiger Global led the round, and existing investors such as Sequoia India, Ribbit Capital, YC Continuity, and Propel Venture Partners also participated. 

The startup stated that it plans to utilize funds from the latest round to grow its product suite, recruit talent, and invest heavily in financial awareness aimed at millennials.

Lalit Keshre, CEO and Co-founder at Groww, said, “Only around 25 million people in India are investing in stocks or mutual funds. We will continue working to change this. The new capital will help us invest in new products, acquire talent, and continue building our financial education platforms.” 

Online investing platforms such as Groww, and its competitors Upstox, Zerodha, and Paytm Money have seen a high surge in the number of users, as well as the number of transactions in the previous year as people attempted to grow their wealth by way of diversified investing amidst the pandemic. 

Still quite new in India, retail investing in stocks, mutual funds, bonds, and IPOs is picking up thanks to educational initiatives some of the online investing platforms have undertaken.

Groww currently has over 1.5 crore users. More than 20 lakh new demat accounts were opened on its platform since June 2020, the startup said. It was incepted in 2017 by four former Flipkart executives, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal.

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This week, Meesho, CRED, and PharmEasy, also joined the unicorn club post new fundraises. So far, eight startups have reached billion-dollar valuations (or more) since the beginning of the year. Digit Insurance, Five Star Business Finance, Infra. market and Innovaccer turned unicorns between January to March.

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