New Delhi: Online investment platform Groww has raised $ 1.6 million in a pre-Series A funding round from Insignia Venture Partners, America’s Lightbridge Partners and the Kairos Fund. Existing investors, including CureFit founders Mukesh Bansal and Ankit Nagori, also participated in the round. Groww also has US seed accelerator Y Combinator as an investor.
The Bengaluru-based start-up plans to use the funds to bolster its technology and launch more financial products and services.
“Groww is the right idea, at the right time, to empower and empower a new generation of investors in India to build their financial futures at a younger age, and we are delighted to be on the ground floor of this. radical change, ”said Tan Yinglan, founding managing partner of Insignia Ventures Partners.
While over 200 million people have income to invest in India, only 10% actually invest, according to Groww, who said it is trying to attract the remaining 180 million.
Founded in April 2017 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww aims to make investing a seamless and transparent process and also offers direct plans to mutual funds. It facilitates this thanks to its Android application, where it partners with the 34 fund houses.
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