Gromo, which is a Gurgaon based financial technology startup, has now secured INR 4 crore in the funding round of seed which is led by the LivSpace co-founder Ramakant Sharma, along with some other angel investors.
With the help of this new funding, the company is planning to use it to strengthen its core operations and technology team.
Gromo was founded by the Alumni of the IIT Delhi, Darpan Khurana, Arpit Khandelwal, and Ankit Khandelwal. The startup revealed its pilot in the Alwar and Jaipur and claims to have already boarded around 400 partners.
Gromo is also working on building a tech enables social commerce platform to provide with the financial products such as the insurance, loans and investments to the end customers. The startup also aims at working with some of the micro-entrepreneurs like the travel agents, CA’s, property dealers, students and generate the additional income by selling the financial products.
Ankit Khandelwal, Co-Founder, and CEO of GroMo, said, “There is a lack of trust and understanding among the people, especially in the Tier 2 cities and smaller markets. These markets are set to drive the next wave of growth for the fintech industry. We believe we can increase the penetration levels of financial products in smaller towns by building a Social Commerce platform to sell financial products.”