Greater than 200 million individuals in India transact cash digitally, however fewer than 30 million put money into mutual funds and shares.
An Indian startup that’s trying to vary this determine by courting millennials introduced a brand new financing spherical on Wednesday and was the latest unicorn on this planet’s second largest web market.
Bangalore-based Groww has raised $83 million in its Collection D financing spherical, which valued the Indian startup at greater than $1 billion, up from $250 million in $30 million Series C in September last year.
Tiger International led the brand new spherical, and present traders Sequoia Capital India, Ribbit Capital, YC Continuity and Propel Enterprise Companions participated in it, the five-year-old Indian startup stated, which has raised $142 million thus far.
On a aspect observe, Groww is the eighth Indian startup to realize the unicorn standing this 12 months — and fourth this week. Social commerce Meesho turned a unicorn on Monday, fintech agency CRED on Tuesday, and earlier right this moment epharmacy agency PharmEasy introduced a brand new financing spherical that valued the agency at about $1.5 billion.
Groww permits customers to put money into mutual funds, together with systematic funding planning (SIP) and equity-linked financial savings, gold, in addition to shares, together with these listed at U.S. exchanges. The app gives each fund that’s at the moment out there in India.
The startup has amassed over 8 million registered customers, two-thirds of whom are first-time traders, Lalit Keshre, co-founder and chief govt of Groww, advised TechCrunch in an interview.
Keshre stated the startup will deploy the contemporary funds to speed up its progress, and rent extra expertise. “We now have gasoline for longer-term pondering and sooner progress,” he stated.
Greater than 60% of Groww customers come from smaller cities and cities of India and 60% of those have by no means made such investments earlier than, stated Keshre. The startup stated it has performed workshops in a number of small cities to teach individuals concerning the funding world. The coronavirus pandemic has additionally accelerated the startup’s progress as kids discover new hobbies.