“Groww gets one of the best CEOs in the world as an investor and advisor. Glad to see @satyanadella joining us in our mission to make financial services accessible in India,” Keshre tweeted.
Groww gets one of the world’s best CEOs as an investor and advisor. Thrilled to have @satyanadella join us in our… https://t.co/nlMCAL74Ce— Lalit Keshre (@lkeshre) 1641622242000
In April last year, Groww
raised $83 million led by Tiger Global, making its way into the coveted unicorn club. Within the next six months, the investment platform
raised another $251 million in a new round of funding, tripling its valuation to $3 billion, or about Rs 22,500 crore.
Groww joined the likes of leading fintech unicorns like Razorpay and Pine Labs which grew their valuation to $7.5 billion and $3.5 billion, respectively, through successive fundraises, last year.
Founded in 2016 by former Flipkart executives Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww enables retail investors to access financial products and services through the web and mobile.
Trusted by Industry Leaders
Co-Founder & CEO, Snapdeal
Founder & CEO, Oyo
Co-founder & CEO, Zomato
Users can invest in direct mutual funds, stocks, ETFs (exchange-traded funds), and IPOs. The company recently launched a service for users to invest in initial public offerings (IPOs), sovereign bonds as well as futures and options on its platform. It has been working for a few years to introduce investments for US-based stocks for its customers.
As of October, last year, Groww said it had over 20 million users, with 70% of its base residing in tier 2 and 3 cities.
Earlier in May 2021, Groww also revealed its plans to create its own investment products through the acquisition of Indiabulls Housing Finance’s (IBHFL) mutual fund subsidiaries — Indiabulls Asset Management Company and Indiabulls Trustee Company, for Rs 175 crore.
In September 2021, IBHFL received the Competition Commission of India’s nod for the deal.
Groww competes with the likes of Zerodha, Upstox and Paytm Money as a stockbroking platform for retail traders, and with Tiger Global-backed IndWealth, Accel’s portfolio company Scripbox, and Time Internet-owned ET Money in maintaining investment portfolios and mutual fund accounts.
Times Internet is part of the Times of India Group which also publishes The Economic Times.