As it is the case in many countries around the world, the startup ecosystem in India is getting developed. One of its startup Groww, which is based in Bangalore, announced that it raised an investment. This investment which amounts of $251 million, was raised in its series E funding round. In total the India-based startup has now reached a valuation of $3 billion.
The Series E funding, led by Iconiq Growth, received the support of the following companies:
- Lone Pine Capital
- YC Continuity
- Tiger Global and
- Propel Venture Partners
Groww tripled its valuation in just 6 months
In fact, the startup reached the status of unicorn last April and tripled now its valuation in the last 6 months. This makes a the startup owning a total valuation of $3 billion. In total it has received a total investment of $390 million to date.
Serving today as an asset management and investment platform to its clients, the company founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal assists its users in their investment journey in the world’s largest internet market. Furthermore, it allows investment in mutual funds, including systematic investment planning, equity-related savings, public offerings, futures and equities. Groww had 12 million monthly active users last month. And it is currently using every fund available in India.
2/3 of its users are first time investors
Early this year, the startup had more than 15 million registered users. Two-third of the users are first time investors. Although Growth hasn’t shared any new figures, its estimations suggest that the platform has considerably grown in the last 18 months. This might be because more Indians investors have started to discover the investments in the company.
The co-founder and CEO of Groww Lalit Keshre said:
“The new capital will be used to recruit more people and train first-time investors for the mog term growth of the venture.”
You can check more of our latest news through this link.