New Delhi: Online investment platform Groww has raised $1.6 million in a pre-series A funding round from Insignia Venture Partners, America’s Lightbridge Partners and Kairos fund. Existing investors including CureFit founders Mukesh Bansal and Ankit Nagori also participated in the round. Groww also counts the American seed accelerator Y Combinator as an investor.
The Bengaluru-based start-up plans to use the funds for strengthening its technology and to launch more financial products and services.
“Groww is the right idea, at the right time, to enable and empower a new generation of investors in India to build their financial future at a younger age, and we’re excited to be on the ground floor of this sea change," said Tan Yinglan, founding managing partner of Insignia Ventures Partners.
While more than 200 million people have investable income in India, only 10% actually invest, according to Groww, which said it is trying to bring the remaining 180 million on board.
Founded in April 2017 by ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww aims to make investing a seamless and transparent process and also offers direct plans to mutual funds. It facilitates this through its Android application, where it partners with all 34-fund houses.