Y Combinator backed Indian Fintech Funding App Groww Secures $21.four Million through Sequence B

Groww, an funding app that goals to deal with offering providers to Indian millennials, has reportedly secured $21.four million in capital by means of a Sequence B funding spherical – which was led by US-based VC agency Ribbit Capital. Present buyers Sequoia India and Y Combinator additionally took half within the spherical.

Groww, which was launched about three years again, is now providing commission-free investing in mutual funds by means of its official web site. The app is accessible for Android and IOS as properly.

The Indian Fintech agency claims over 2.5 million customers throughout India, with the bulk or over 60% of them coming from main cities within the nation. Over two-thirds of the app’s customers declare they’re novices or first-time buyers. Customers have additionally talked about that they started utilizing Groww’s app due to its intuitive and user-friendly interface.

Groww’s administration famous that they’ll use the capital raised to rent new employees members. The corporate is planning to have round 200+ staff. It’s additionally planning to supply new inventory buying and selling options, which can embrace the choice to make investments in US-listed securities.

Lalit Keshre, co-founder and CEO at Groww, acknowledged:

“We began Groww with a mission to democratise monetary providers in India. Right this moment, we’re the go-to platform for the brand new era of buyers. This spherical will allow us to strengthen our workforce to construct thrilling merchandise – very quickly, customers will be capable to spend money on shares on Groww.”

Indian Fintech StockEdge, with greater than 1 million customers, additionally goals to assist merchants with fairness markets and mutual funds investments whereas specializing in bettering their monetary literacy.

Vinay Pagaria, co-founder at StockEdge, an organization that helps India’s residents, notably the youthful generations, with studying extra about the way to responsibly and successfully make investments their cash in shares and bonds, had famous earlier this yr that 80% of the agency’s providers are free to make use of.

Pagaria had famous (in June 2020):

“We created the StockEdge app to assist retail buyers make one of the best out of monetary markets together with each fairness markets and mutual funds.”

He had additionally revealed that the StockEdge app is now additionally obtainable on the internet (at net.stockedge.com), along with the app. The Fintech agency gives offline analysis instruments which it claims are meant for “severe cash makers.”