New age mutual funds
investment platform Groww
has raised $6.2 million in a series A round of funding
led by Sequoia India
. The round also saw participation from its existing investors Y Combinator, Propel Venture Partners and Kauffman Fellows.
The Bengaluru based startup intends to use the funds to build the technology platform, launch new products and take investments to the millennial population.
ET had written in its December 7 edition last year that Groww was in final stages of raising funds from Sequoia India.
Launched in April 2017 by ex-Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww sells direct mutual funds through its platform and plans to roll out otheer investment products including stocks soon.
“There are 200 million people with investable income in India, but only 20 million investors. The only way to bring the next 180 million onboard is by making investing simple”, said Keshre, chief executive officer, Groww. “We want to create a platform that has all possible investment solutions within a tech-enabled, easy-to-use interface while providing the best-in-class user experience”
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