 "Groww raises Rs 220 cr in Series C funding from Sequoia, Ribbit Capital")
Investment platform Groww on Thursday said it has raised Rs 220 crore in Series C funding round from existing investors Sequoia India, Ribbit Capital, Propel ventures and a new investor YC Continuity.
Series C financing (also known as Series C round) is one of the stages in the capital-raising process by a startup. The series C round is the fourth stage of startup financing.
Groww plans to utilise the money raised to enhance its technology infrastructure, expand their product suite and hire top talent across engineering, product and growth divisions, according to the company's statement.
Groww will also utilise part of the funding to fuel their pan-India financial education initiative 'Ab India Karega Invest'.
"Our wealth as a nation will keep growing, and our mission is to provide the best experience to investors to manage their wealth. We are happy to partner with investors who believe in our long-term vision," Groww co-founder and CEO Lalit Keshre said.
Incepted in 2017, Groww claims to have over 80 lakh registered users on the platform in India. The platform currently offers stock broking and direct mutual funds.
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Groww records more than 1.5 lakh new SIPs every month, the company claimed.
"India is seeing increased participation of retail investors in financial markets with 2 million new stock market investors added in the last quarter alone. Groww is leading this change by serving millions of retail investors," Sequoia Capital India LLP Principal Ashish Agrawal said.
Groww claims that 60 per cent of its users hail from tier 2 and 3 cities and 60 per cent are first time investors.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)