Groww has tripled its valuation to $ 3 billion in just six months as the Indian fintech startup looks to expand its offerings and help more millennials begin their investment journey in the world’s second-largest internet market.
Iconic Growth led the Bangalore-based startup’s $ 251 million Series E funding round. Alkeon, Lone Pine Capital and Steadfast, as well as existing investors Sequoia Capital India, Ribbit Capital, YC Continuity, Tiger Global and Propel Venture Partners also participated “significantly” in the new round.
Groww, which has raised more than $ 390 million to date, was valued at $ 250 million in September of last year and $ 1 billion in April of this year.
TechCrunch reported last month that Groww was in talks to finalize a $ 250 million round with a $ 3 billion valuation. The startup had multiple term sheets, TechCrunch reported.
Groww helps millennials invest in mutual funds, futures, stocks, and initial public offerings. Lalit Keshre, Groww’s co-founder and CEO, told TechCrunch in an interview that the startup is working to introduce several more asset classes for its users to invest in.
Groww is tapping into a huge market. More than 200 million people in India transact money digitally, but less than 30 million invest in mutual funds and stocks.
“The financial services market in India is already large, growing rapidly and ready to be disrupted. Over the past few years, Groww has demonstrated that they are ready to seize that opportunity through a strong acceleration momentum based on the robustness of the technology, ”said Yoonkee Sull, Partner at ICONIQ Growth, in a statement.
“Driven by an exceptional product-oriented team, Groww is already among the leading investment platforms in India, displaying a strong unit economy and client cohorts. We are excited to participate in the company’s vision of being the premier financial platform for Indian consumers. “
