Groww enters unicorn club by raising $83 million in funding round led by Tiger Global
The funding round also saw participation of Groww's existing investors — Sequoia India, Ribbit Capital, YC Continuity and Propel Venture Partners
New Delhi: Investment platform Groww on April 7 said it has raised $83 million (around Rs 615 crore) in a funding round led by Tiger Global at a valuation of $1 billion.
The funding round also saw the participation of existing investors — Sequoia India, Ribbit Capital, YC Continuity and Propel Venture Partners.
“Groww has raised $83 million in Series D round at a valuation of more than USD 1 billion. Tiger Global led the fundraising with the participation of Groww’s existing investors,” the company said in a statement. Any startup that is valued at $1 billion is termed unicorn.
Groww was started almost five years back to make investing accessible and transparent to everyone in India, and it has made good progress, CEO and co-founder Lalit Keshre said.
“Only around 25 million people in India are investing in stocks or mutual funds. We will continue working to change this. The new capital will help us invest in new products, acquire talent and continue building our financial education platforms,” he said. With this round, Groww has raised a total $140 million till date.
Groww enables users to invest in stocks, mutual funds, ETFs, IPOs, Gold, etc. Started in 2017, Groww claims to have more than 15 million registered users.
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