Groww
 | |
| ISIN | 🆔 |
|---|---|
| Industry | Financial technology |
| Founded 📆 | May 4, 2016 |
| Founder 👔 | |
| Headquarters 🏙️ | , , India |
Area served 🗺️ | |
Key people | Lalit Keshre (CEO), Harsh Jain, Neeraj Singh and Ishan Bansal [1] |
| Services | Investment platform |
| Revenue🤑 |  ₹40.4 crore (US$5.6 million) (2021)[2] |
| ₹2.72 crore (US$380,000) (2021)[2] | |
| Members | |
Number of employees | |
| 🌐 Website | groww |
| 📇 Address | |
| 📞 telephone | |
Groww is an online investment platform that allows investors to invest in mutual funds and stocks.[3] Headquartered in Bangalore, Karnataka, the company has raised over $140 million as of April 2021, at a valuation of $1 billion.[4]
History[edit]
Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh (former employees of Flipkart) started Groww in 2016 primarily as a mutual fund investment platform.[5] The company started its operations through a WhatsApp group [6] and other social media platforms engaging with members on topics relating to investing and wealth management. In 2020, the company forayed into stockbroking service.[7] The platform now offers direct investments in mutual funds, stocks, initial public offerings, digital gold, and exchange-traded funds.
Funding and acquisitions[edit]
The company is valued at $1 billion[8] (as at May 2021)[9] and has raised more than $142 million from investors to date. In July 2018, Groww raised $1.6 million in a pre-series A round of funding led by Insignia Ventures Partners, Lightbridge Partners, Kairos and others.[10]
In January 2019, the company raised $6.2 million in a series A round of funding led by Sequoia Capital India.[11] In the same year, it raised $21.4 million as a part of its series B funding round led by US-based VC firm Ribbit Capital along with participation from existing investors Sequoia India and Y Combinator.[12]
In September 2020, the company raised $30 million in a Series C funding round led by YC Continuity and previous investors.[13]
In April 2021 the startup reached unicorn status by raising $83 million at over $1 billion valuation in a Series D financing round.[14] Any by May 2022, Groww acquired mutual fund business of Indiabulls.[15]
In Jan 2022, Satya Nadella became an investor and advisor to Groww [16]
Finance[edit]
| Year | Revenue (In crores) | Profits/Loss (In crores) |
|---|---|---|
| 2018 | 0.3
|
 -1
|
| 2019 | 0.16
|
-0.23
|
| 2020 | 2.9
|
-7.93
|
| 2021 | 40.4
|
2.72
|
Awards[edit]
- 2017-18: BSE Star MF award for 2nd best performer in RFD category in Karnataka [17]
- 2017-18: 3rd place in BSE Star MF Fintech – Highest Transactions 2017-18 [18]
- 2018-19: 1st place in BSE Star MF Fintech – Highest Transactions 2018-19 [19]
See also[edit]
References[edit]
- ↑ The Four At Groww Are Wooing First Time Retail Investors With Zero Commission Investment Products BusinessWorld Retrieved on 2 January 2020
- ↑ 2.0 2.1 "Groww turns profitable as revenue jumps 14-fold in FY21". VCCircle. 2022-01-19. Retrieved 2022-02-13.
- ↑ Startups that put money to work Livemint
- ↑ "Groww becomes the latest unicorn with fresh $83 m funding". The Financial Express. 8 April 2021. Retrieved 14 May 2021.
- ↑ "Forbes India - How Four Ex-Flipsters Built Groww Into A Unicorn". Forbes India. Retrieved 2022-03-03.
- ↑ https://www.livemint.com/companies/news/groww-looks-to-expand-offerings-11620581862097.html
- ↑ Borate, Neil (2020-04-19). "Mutual Fund platform Groww to launch stock broking services". mint. Retrieved 2021-05-15.
- ↑ Apr 7, TNN /; 2021; Ist, 18:03. "Tiger Global funding leads Groww to become 8th unicorn in 2021 - Times of India". The Times of India. Retrieved 2021-11-17.
- ↑ Ahmad, Samreen (2021-04-07). "Groww's valuation shoots past $1 billion with $83 mn Series D funding". Business Standard India. Retrieved 2021-05-15.
- ↑ Bhakta, Pratik. "Groww raises $1.6 million in pre-series A round of funding". The Economic Times. Retrieved 2021-05-15.
- ↑ "Mutual Fund investment platform Groww raises $6.2 million". The Financial Express. 2019-01-24. Retrieved 2021-05-15.
- ↑ "Groww, an investment app for millennials in India, raises $21.4M". TechCrunch. Retrieved 2021-05-15.
- ↑ Bureau, BW Online. "Groww Raises 30 M in Series C Round led by YC Community". BW Disrupt. Retrieved 2021-05-15.
- ↑ "Investment app for millennials, Groww, raises $83 million at over $1 billion. valuation". TechCrunch. Retrieved 2021-05-15.
- ↑ "Groww To Buy Indiabulls' Mutual Fund Business For Rs 175 Crore". Moneycontrol. Retrieved 2021-05-15.
- ↑ https://economictimes.indiatimes.com/tech/startups/groww-gets-satya-nadella-as-investor-and-advisor/articleshow/88772581.cms
- ↑ Groww Wins BSE Award for Performance
- ↑ Muhurat Trading Session at BSE in the Vikram Samvat Year 2075 Bombay Stock Exchange Retrieved on 2 January 2020
- ↑ Muhurat Trading Session at BSE in the Vikram Samvat Year 2076 Bombay Stock Exchange Retrieved on 2 January 2020
External links[edit]
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