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Industry | Financial technology |
---|---|
Founded | May 4, 2016 |
Headquarters | , India |
Key people | Lalit Keshre (CEO), Harsh Jain, Neeraj Singh and Ishan Bansal [1] |
Services | |
Revenue | ₹40.4 crore (US$5.4 million) (2021) [2] |
₹2.72 crore (US$360,000) (2021) [2] | |
Website | groww |
Groww is an online investment platform that allows investors to invest in mutual funds and stocks. [3] Headquartered in Bangalore, Karnataka, the company has raised over $390 million as of Nov 2021, at a valuation of $3 billion. [4]
Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh (former employees of Flipkart) started Groww in 2016 primarily as a mutual fund investment platform. [5] The company started its operations through a WhatsApp group [6] and other social media platforms engaging with members on topics relating to investing and wealth management. In 2020, the company forayed into stockbroking service. [7] The platform now offers direct investments in mutual funds, stocks, initial public offerings, digital gold, and exchange-traded funds.
The company is valued at $3 billion [8] (as at Nov 2021) [9] and has raised more than $390 million from investors to date. In July 2018, Groww raised $1.6 million in a pre-series A round of funding led by Insignia Ventures Partners, Lightbridge Partners, Kairos and others. [10]
In January 2019, the company raised $6.2 million in a series A round of funding led by Sequoia Capital India. [11] In the same year, it raised $21.4 million as a part of its series B funding round led by US-based VC firm Ribbit Capital along with participation from existing investors Sequoia India and Y Combinator. [12]
In September 2020, the company raised $30 million in a Series C funding round led by YC Continuity and previous investors. [13]
In April 2021 the startup reached unicorn status by raising $83 million at over $1 billion valuation in a Series D financing round. [14] Any by May 2022, Groww acquired mutual fund business of Indiabulls. [15]
In Jan 2022, Satya Nadella became an investor and advisor to Groww [16]
Year | Revenue (In crores) | Profits/Loss (In crores) |
---|---|---|
2018 | 0.3 | -1 |
2019 | 0.16 | -0.23 |
2020 | 2.9 | -7.93 |
2021 | 40.4 | 2.72 |
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