Wealth management platform, Groww has raised $251 million at a valuation of $3 billion, led by ICONIQ Growth. The round also saw participation from investors like Alkeon, Lone Pine Capital and Steadfast. Groww’s existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners also participated in the round.
Groww offers investment in direct mutual funds, stocks, ETFs and IPO for India’s growing retail investors. It also plans to extend its reach to the under-penetrated geographies, strengthen the team and scale tech infrastructure.
It will make significant investment in spreading financial education and awareness, it said.
Lalit Keshre, CEO and Co-Founder of Groww, said in a release, “We will continue working hard to build an iconic and trusted brand out of India. Over the last five years, we have built a product that customers love and have lowered the barriers to investing across India. We are making a difference in the lives of millions of Indians by democratizing access. And it seems the journey has just begun with such a huge opportunity ahead of us.”
“Groww has been helping transform the way India invests by building a platform that exemplifies simplicity, trust, and constant innovation,” added Yoonkee Sull, partner at ICONIQ Growth.