Groww, a fintech startup founded by former Flipkart employees, has raised $6.2 million in a Series A round of funding led by Sequoia India. Y Combinator, Propel Venture Partners and Kauffman Fellows also participated in the round.
The company will utilise the fund to enhance the technology and launch new products.
Groww was launched in April 2017 by four former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal.
Keshre was a group product manager, Jain a product manager, Singh a software developer and Bansal was with the corporate development team at Flipkart.
Groww currently offers direct mutual fund investment plans and soon plans to roll out other investment products including stocks. It focuses on millennial investors and has a user base of over a one million users.
“Millennials are increasingly moving towards financial products instead of real estate and gold. Our goal is to become the wealth app for the younger generation. There are 200 million people with investable income in India, but only 20 million investors. The only way to bring the next 180 million onboard is by making investing simple”, said Lalit Keshre, co-founder and chief executive officer of Groww.
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