Groww, an Indian fintech firm, has increased its valuation to $3 billion in only six months as it seeks to expand its offerings and assist more millennials in beginning their investment journeys in the second-largest internet market in the world.
The $251 million Series E financing round for the Bangalore-based business was headed by Iconiq Growth. Groww was valued at $250 million in September of last year and $1 billion in April of this year. It has now raised over $390 million.
Last month, TechCrunch revealed that Groww was in negotiations to close a $250 million round at a $3 billion value. The article also stated that the startup had several term sheets.
About The Company And Its Working
Millennials can invest with the aid of Groww in mutual funds, futures, derivatives, equities, and IPOs. Groww’s co-founder and CEO, Lalit Keshre, told TechCrunch in an interview that the company is trying to add a number more asset classes for its users to invest in. We eventually want to offer them all asset types, he said. We have such a great chance ahead of us, and it appears that the adventure has just begun.
Groww is gaining access to a big market. Less than 30 million Indians presently invest in mutual funds and equities, despite the country’s more than 200 million digital money users. Earlier this year, the startup had more than 15 million registered users, of whom two-thirds were novice investors data based on singhtechcrunch.
Additionally, smaller Indian towns and cities account for more than 60% of Groww users. (Data from research firm App Annie shows that Groww had 12 million active monthly users in the previous month.
Although the firm didn’t update its user count today, Keshre claimed that Groww has expanded dramatically over the previous 18 months as more Indians have started to consider investing.
Future Planning Of Groww
India’s financial services business is already sizable, expanding quickly, and susceptible to upheaval. Groww has proven over the past few years that they are prepared to take advantage of that potential with strong, technology-based momentum that is accelerating, according to Yoonkee Sull, the partner at ICONIQ Growth.
Groww is already one of the top investment platforms in India, with outstanding unit economics and customer cohorts, thanks to the exceptional product-oriented staff. We are thrilled to support the business’s goal of becoming the main financial platform for people in India.
According to Kesher, the business would use the additional funding to expand over time and educate first-time investors.
Groww Research Related To Cryptocurrencies
Groww is researching cryptocurrencies, like a few other firms in India, according to a previous TechCrunch story. According to Keshre, the business won’t give users the ability to invest until the Indian regulator gives the go-ahead. According to the journal, the Indian startup is presently on track to generate roughly $35 million in ARR.
Less than 30 million Indians invest in mutual funds and stocks, despite the country’s more than 200 million digital money users.
Launch Of Unicorn
The second-largest internet market in the world saw the launch of the newest unicorn, an Indian firm that is trying to reverse this statistic by targeting millennials.
Groww, an Indian business with headquarters in Bangalore, raised $83 million in its Series D fundraising round, valuing the company at over $1 billion, up from $250 million in a $30 million Series C in September of last year.
On a related point, Groww is the fourth Indian startup this week and the eighth this year to achieve unicorn status. Meesho, a social commerce platform, became a unicorn on Monday, CRED, a fintech company, became a unicorn on Tuesday, and PharmEasy, an e-pharmacy company, completed a new financing round earlier today, valuing the company at roughly $1.5 billion.
The increase in proposed valuations and the fresh investment discussions both highlight the level of excitement that Indian companies have generated recently. This year, more than twenty Indian startups—up from just eleven the year before—have achieved unicorn status.
And that list keeps growing. The Indian esports organization Mobile Premier League said on Wednesday that it had raised fresh capital valued at $2.3 billion. Also in discussions to raise new rounds at unicorn valuations are cryptocurrency trading app CoinSwitch Kuber and Apna, which supports low-skilled workers in their learning and job search. This was previously reported by TechCrunch.