Groww

Last updated

Groww
Industry Financial technology
FoundedMay 4, 2016;5 years ago (2016-05-04)
Headquarters
Bangalore
,
India
Key people
Lalit Keshre (CEO),
Harsh Jain, Neeraj Singh and Ishan Bansal [1]
Services
RevenueIncrease2.svg₹40.4 crore (US$5.4 million) (2021) [2]
Increase2.svg₹2.72 crore (US$360,000) (2021) [2]
Website groww.in

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]

Contents


History

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.

Funding and acquisitions

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]

Finance

YearRevenue (In crores)Profits/Loss (In crores)
2018Increase2.svg 0.3Decrease2.svg-1
2019Decrease2.svg 0.16Increase2.svg-0.23
2020Increase2.svg 2.9Decrease2.svg-7.93
2021Increase2.svg 40.4Increase2.svg2.72

Awards

See also

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References

  1. ↑ The Four At Groww Are Wooing First Time Retail Investors With Zero Commission Investment Products BusinessWorld Retrieved on 2 January 2020
  2. 1 2 "Groww turns profitable as revenue jumps 14-fold in FY21". VCCircle. 19 January 2022. Retrieved 13 February 2022.
  3. ↑ Startups that put money to work Livemint
  4. ↑ "India's Groww valued at $3 billion in $251 million funding".
  5. ↑ "Forbes India - How Four Ex-Flipsters Built Groww Into A Unicorn". Forbes India. Retrieved 3 March 2022.
  6. ↑ Bhalla, Tarush (9 May 2021). "Groww looks to expand offerings". mint.
  7. ↑ Borate, Neil (19 April 2020). "Mutual Fund platform Groww to launch stock broking services". mint. Retrieved 15 May 2021.
  8. ↑ Apr 7, TNN /; 2021; Ist, 18:03. "Tiger Global funding leads Groww to become 8th unicorn in 2021 - Times of India". The Times of India. Retrieved 17 November 2021.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. ↑ Ahmad, Samreen (7 April 2021). "Groww's valuation shoots past $1 billion with $83 mn Series D funding". Business Standard India. Retrieved 15 May 2021.
  10. ↑ Bhakta, Pratik. "Groww raises $1.6 million in pre-series A round of funding". The Economic Times. Retrieved 15 May 2021.
  11. ↑ "Mutual Fund investment platform Groww raises $6.2 million". The Financial Express. 24 January 2019. Retrieved 15 May 2021.
  12. ↑ "Groww, an investment app for millennials in India, raises $21.4M". TechCrunch. Retrieved 15 May 2021.
  13. ↑ Bureau, BW Online. "Groww Raises 30 M in Series C Round led by YC Community". BW Disrupt. Retrieved 15 May 2021.
  14. ↑ "Investment app for millennials, Groww, raises $83 million at over $1 billion. valuation". TechCrunch. Retrieved 15 May 2021.
  15. ↑ "Groww To Buy Indiabulls' Mutual Fund Business For Rs 175 Crore". Moneycontrol. Retrieved 15 May 2021.
  16. ↑ "Groww brings on board Microsoft chief Satya Nadella as an investor, advisor" – via The Economic Times.
  17. ↑ "Groww Wins BSE Award for Performance - Groww".
  18. ↑ Muhurat Trading Session at BSE in the Vikram Samvat Year 2075 Bombay Stock Exchange Retrieved on 2 January 2020
  19. ↑ Muhurat Trading Session at BSE in the Vikram Samvat Year 2076 Bombay Stock Exchange Retrieved on 2 January 2020
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