Sequoia joins $30m Series C for India's Groww

Y Combinator led the round, with additional support coming from fellow California-based VCs Ribbit Capital and Propel Venture Partners. It follows a $21.4 million Series B last year led by Ribbit and takes total funding to date to around $60 million.

Groww offers stockbroking, mutual fund, and gold investment tools to a retail user base through a mobile platform. The company positions as one of the fastest growing investment services in India with 8 million registered users. There is a strong focus on education and accessibility; 60% of users are from lower tier cities, and 60% of this group are first-time investors.

“India is seeing increased participation of retail investors in financial markets – with two million new stock market investors added in the last quarter alone”, Ashish Agrawal, a principal at Sequoia India, said in a statement. “Groww is leading this change by serving millions of retail investors. In the last two years, they have expanded their product offering and built a strong team in its journey to make investing simple for Indians.”

Groww was founded in 2017 as an investment education blog and attributes much of its success to growing wealth in the general population across the past few years. The company has continued in this vein with weekly live online workshops featuring Q&A sessions with fund managers and CEOs from local asset managers. The company will use its fresh capital to build out its technology, expand its product suite, and hire additional staff in its engineering, product, and growth divisions.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Financials
• Technology
• Expansion
• India
• Sequoia Capital
• Ribbit Capital
• Y Combinator
• Financial Services