Online investment start-up Groww said it has raised a $21.4 million Series B funding round led by U.S.-based venture capital firm Ribbit Capital along with existing investors Sequoia India and Y Combinator.
The Bengaluru-based company, which is looking at expanding the team size to over 200 soon will use the funds raised for getting top talent on board across engineering, product and growth teams, a release said.
The company also aims to use some amount of the capital raised to fortify tech capabilities and build super scalable infrastructure for investing.
"We started Groww with a mission to democratise financial services in India. Today, we are the go-to platform for the new generation of investors,“ said Groww co-founder and CEO Lalit Keshre. “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 is backed by various investors including Sequoia India, Y Combinator, Propel Venture and Kauffman Fellows.
Sequoia India continues to be impressed by Groww's execution of their vision to provide a low-cost seamless investing experience. We are excited to have Ribbit Capital join the team and look forward to partnering with them to build Groww,Ashish Agrawal, Principal, Sequoia Capital India LLP
Groww app platform has over 2.5 million users across India, with more than 60 percent of them coming from outside of the top six cities. It currently offers commission-free investing in mutual funds via its website, Android and iOS app for free.
"We remain focused on crafting the best customer experience for investing in India. Very soon, users will be able to invest in stocks on Groww," Keshre said.
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