Mutual funds platform Groww is one of the most famous finance platforms after Zerodha. Recently the company has raised a funding of $30 million in a Series C round from YC continuity. Other existing investors also took part in the round. Groww aims to use the investment to improve their technology and also provide financial education in India.
The growth of the platform
Groww was founded in 2017 as an only mutual fund platform. But recently, it has increased the portfolio of products that it provides. The once Mutual funds platform Groww now also provides the option to buy equity shares. This has led to increased competition and usage of the app. Unlike many other platforms, Groww has both options in one place.
It has over 80 lakh registered users and has been growing consistently. Anu Hariharan, Partner at YC Continuity, said, “We believe Groww is building the largest retail brokerage in India. At YC, we have known the founders since the company was just an idea, and they are some of the best product people you will meet anywhere in the world”.
How does Groww aim to get better?
Using the substantial amount of funds that the company has received will improve its technology, hire capable employees, and start an education initiative. The initiative will be regarding finance and will be imparted using videos.
The company’s chief executive officer, Lalit Kesher, said, “We started our journey writing blogs and making videos to educate people about investing. Our wealth as a nation will keep growing, and our mission is to provide the best experience for investors to manage their wealth”.
I feel that the company has huge potential and can use the funds properly to beat our competition like Zerodha and 5paisa. With India getting more exposure to such platforms, it’s difficult to say which platform will stay as the leader.
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