Groww

Groww is an India-based online investment platform[2] that targets first-time investors and millennials. [3] Headquartered in Bangalore, Groww allows investors to open an account electronically and transact in mutual funds and also stocks online. As of June 2018, Groww had partnered with 34 mutual fund houses and around 5000 mutual funds were available on the platform. Nextbillion Technology, the company behind the platform [4], had highest transactions amongst the BSE Star MF Fintech in 2018-19 [5]. As of Sep 2019, the company had raised $29 million in venture capital, had 2.5 million users with two-thirds being first-time investors. [6]

Groww
HeadquartersBangalore
Key peopleLalit Keshre (CEO)
Harsh Jain, Neeraj Singh and Ishan Bansal [1]
IndustryFinance and Insurance
ServicesInvestment Platform
URLhttps://groww.in/
LaunchedApril 2016 in Bangalore

Features

The app and its services are available free-of-charge to the customer, with direct mutual fund plans made available in April, 2018.[7] Groww provides mutual fund explorer with information including past performance and stocks held, educational content on investing [8] and mutual fund portfolios for various goals and profiles. Groww does not provide recommendations and expects users to choose their portfolio based on the information available.

Groww has SmartSave feature, aimed at saving account holders, where the money is stored in a liquid fund with an instant redemption option. [9]

Groww wants to expand to stocks [6] with parent company, Nextbillion technology, being a registered broker in cash segment with BSE [10].

History and Funding

Groww was founded in 2016 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal. It received seed capital from investors[11] including Y Combinator[12], Mukesh Bansal and Ankit Nagori in January 2018.[13] It raised further $1.6 million, in June 2018, in a pre-series A funding round from Insignia Venture Partners, America's Lightbridge Partners and Kairos fund[14]. In Jan 2019, it raised $6.2mn in a Series A funding round led by Sequoia India [15]. In Series B, a further $21.4 million was raised in Sep 2019, led by U.S.based VC firm Ribbit Capital, with existing investors Sequoia India and Y Combinator also participating. [6]

Awards
  • 2017-18: BSE Star MF award for 2nd best performer in RFD category in Karnataka [16]
  • 2017-18: 3rd place in BSE Star MF Fintech – Highest Transactions 2017-18 [17]
  • 2018-19: 1st place in BSE Star MF Fintech – Highest Transactions 2018-19 [5]
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See also

References
  1. The Four At Groww Are Wooing First Time Retail Investors With Zero Commission Investment Products BusinessWorld Retrieved on 2 January 2020
  2. Startups that put money to work Livemint
  3. Groww leverages data to make investing simple, accessible for beginners Business Standard Retrieved on 20 February 2018
  4. Nextbillion Technology Pvt Ltd Bloomberg Retrieved on 2 Jan 2020
  5. Muhurat Trading Session at BSE in the Vikram Samvat Year 2076 Bombay Stock Exchange Retrieved on 2 January 2020
  6. Groww, an investment app for millennials in India, raises $21.4M TechCrunch Retrieved on 2 January 2020
  7. Groww launches direct plan mutual funds The Times of India Retrieved on 30 November 2018
  8. Fintech counts on content to keep investors hooked The Economic Times
  9. Tech-happy millennials like their mutual funds Livemint Retrieved on 2 January 2020
  10. Commencement of business by Trading Member (Deposit Based Member) Bombay Stock Exchange
  11. Online investment platform Groww raises funds from Y Combinator & others The Economic Times Retrieved on 19 February 2018
  12. 7 Companies From the YC Winter 2018 Batch Y Combinator
  13. Mukesh Bansal, Y Combinator invest in online mutual fund seller Groww VCCircle Retrieved on 20 February 2018
  14. Online investment platform Groww raises $1.6 million in pre-series A funding Livemint Retrieved on 30 November 2018
  15. Investment app Groww raises $6.2mn in Series A funding led by Sequoia India Livemint Retrieved on 2 January 2020
  16. Groww Wins BSE Award for Performance
  17. Muhurat Trading Session at BSE in the Vikram Samvat Year 2075 Bombay Stock Exchange Retrieved on 2 January 2020
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