Bengaluru-based fintech startup, Groww, raises new series A investment round for its mutual funds-focused services.
The startup provides an online platform which customers can use to sell and invest in mutual funds.
“There are 200 million people with investable income in India, but only 20 million investors,” Lalit Keshre, the Chief Executive Officer at Groww said, as reported by Economic Times. “The only way to bring the next 180 million onboard is by making investing simple.”
Founded by former executives at Flipkart, an e-commerce company, Groww will use the new $6.2 million investment towards the technology behind its online platform, as well as toward the development and release of new products and services.
Sequoia India, Y Combinator, Propel Venture Partners and Kauffman Fellows are investors in the $6.2 million Series A round.
“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” Keshre said.
The company will also use a part of the new funding to aim its platform and draw the investment world into the millennial generation, getting them involved in investing.
In the future, Groww plans on launching stocks on its website along with other services. Groww was founded by Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal in April 2017.
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