US based venture capital firm Ribbit Capital has invested Rs.153 crore in Groww, a Bangalore based direct mutual fund seller.
With this, Ribbit Capital has become the third strategic investor in the fintech startup along with Sequoia India and Y Combinator.
In a press release, the company said that it would deploy these funds to hire talent by increasing team size to 200 and fortify its tech capabilities.
Lalit Keshre, co founder and CEO, Groww said, “This round brings one of the best fintech investors to partner with us in addition to the already great set of partners that we have. In addition, the capital will enable us to strengthen our team to build exciting products for our users.”
The company also plans to add direct stocks to its offerings. “Very soon, users will be able to invest in stocks on Groww,” added Keshre.