To create a friendly investment app for novices born after 00, Indian startup Groww received US$83 million in Series D financing

To create a friendly investment app for novices born after 00, Indian startup Groww received US$83 million in Series D financing

#create #friendly #investment #app #novices #born #Indian #startup #Groww #received #US83 #million #Series #financing

According to foreign media TechCrunch, Indian online investment platform Groww recently raised $83 million in Series D financing. This round of financing was led by Tiger Global, with the participation of old shareholders Sequoia Capital India, Ribbit Capital, YC Continuity and Propel Venture Partners. Up to now, the company’s total financing reached 142 million U.S. dollars, with a valuation of more than 1 billion U.S. dollars, making it among the ranks of Indian startup unicorns.

Groww was founded in 2017 by four former Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal. Headquartered in Bangalore, Groww is an investment mainly for post-00s and financial novices. platform.Most of Groww’s more than 15 million registered users come from small and medium-sized cities or towns in India, and about two-thirds of users have never invested in financial products before.

According to statistics, more than 200 million people in India conduct financial transactions digitally, but less than 30 million people invest in funds and stocks, and most of them are located in six major cities in India.Many young people in small cities are discouraged from investment due to the tilt of financial education resources, or the wide variety of financial APP products on the market and complex operations.Groww hopes to change this status quo,Open the sinking market of investment and financial management with young people born after 00 as an incision, and create an investment application that is easy to use and has a good user experience.

Image source | Unsplash

On Groww, users can invest in stocks, funds, ETFs and digital gold listed on Indian and American exchanges for free. In April 2018, the platform launched an exploration plan to package the performance information of each fund and stock to novice investors.The platform also launched investment education courses and fund portfolios for different income goals and investment styles, opening up a one-stop ecology from education to products.In addition, the app has also created a SmartSave function that allows saving users to store funds in a liquid fund with instant redemption options. In June 2020, Groww customized a simplified user interface for novice investors.

It is worth mentioning that Groww practices the concept of user education,The platform does not provide recommendations, but encourages users to choose investment portfolios based on existing information.

Earlier, Groww stated in a statement that the company has experienced steep growth, adding nearly 7 million new registered users in the past six months alone, reaching 4 million monthly active users out of a total of 15 million users. So far, the platform has opened 2 million stock trading accounts, and more than 250,000 new systematic investment plans (SIPs) are opened every month.

In India’s booming online investment market, Groww faces fierce competition from companies such as Zerodha, Upstox and Paytm Money. Among them, Zerodha, as India’s largest investment platform, focuses on drawing the lowest percentage of commissions, has a solid and large user base, and is one of Groww’s strongest opponents. Groww still needs to continue to explore the issues of how to maintain profitability and how to consolidate user loyalty.

Groww plans to use this new capital to launch bonds, futures and options, and derivatives trading on its platform, and to continue to cultivate in the field of financial education.The company said it expects to launch a series of financial education programs for post-00s in the next two years and expand the financial service market.

Editor | Chen Shuya


Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *