Groww, a trading and direct mutual fund investment app in India, said on Thursday it had raised $30 million in Series C funding round, led by YC Continuity, Y Combinator’s growth stage investment fund, with the participation of the company’s existing investors Sequoia India, Ribbit Capital, and Propel Ventures.
The investment app allows users to invest in any direct mutual fund at zero fee with its simple user interface. The Groww users can also invest in US stocks and Digital Gold using the app. The number of registered users of Groww have reached 8 million and so far 200,000 Groww users have bought stocks from the app. The company plans to use the investment for expanding its reach in India and launch new products.
Anu Hariharan from YC Cıntinuity said in a statement “We believe Groww is building the largest retail brokerage in India. At YC, we have known the founders since the company was just an idea and they are some of the best product people you will meet anywhere in the world. We are grateful to be partners with Groww as they build one of the largest retail financial platforms in the world.”
60% of Groww’s current user base is from Tier 2, 3 cities of India and 60% of these have never made such investments before, according to Lalit Keshre, co-founder and CEO of Groww.
“Over the last few years, we have made investing in mutual funds and stocks simple and transparent for millions of investors in India. If we look at the opportunity that lies ahead, it still feels like Day 1. We started our journey with small steps writing blogs and making videos to educate people about investing. YC played a key role in our early years and now this investment will help us accelerate towards our goals,” Keshre said.