In just six months of getting unicorn tag, valuation of the online investment platform, Groww has gone up three times from $1billion to $3 billion (close to Rs.22,500 crore in rupee terms).
In fact, in the current round of funding, the company has raised USD 251 million (close to Rs.1900 crore) from companies led by Iconiq Growth. The funding 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.
Started in 2016, Groww offers investment in direct mutual funds, stocks, ETFs and IPOs. The company will utilize the funding to expand its reach to the under-penetrated geographies, strengthen their team and scale tech infrastructure. The company also plans to continue making significant investments in spreading financial education and awareness.
