GroMo raises $11 million, plans to double headcount in 6-12 months

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GroMo raises $11 million, plans to double headcount in 6-12 months
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  • The funding round was led by the Asian venture capital arm of SIG, SIG Venture Capital.
  • The company plans to utilize the capital to hire senior management personnel across various verticals.
  • The fintech company will also be partnering with more BFSI players.
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Gurgoan-based fintech product distribution platform GroMo has raised $11 million in a series A round of funding, led by SIG Venture Capital.

The round also saw participation from other key investors — Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company and Hauz Khas Ventures.

Founded by two IIT Delhi alumni, Ankit Khandelwal and Darpan Khurana, GroMo is a fintech platform that aims to provide access to financial products to tier 2-3 cities of the country through its network of over 1.2 million agents.

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The company has also received funding from prominent angel investors like Kunal Shah (Cred), Niraj Singh (Spinny), Ramakant Sharma (Livspace), Alok Mittal (Indifi), Utsav Somani (iSeed, AngelList India), Ashish (Innoven), Abhishek Goyal (Tracxn) and Nitin Gupta (Uni Cards).

The company plans to utilize the capital to hire more senior management personnel across technology, product, marketing, business, category management and HR functions. It also plans to double its headcount in the coming 6-12 months.

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“Our vision is to drive financial inclusion in underserved markets by bridging this gap through face-to-face interaction, hand holding by our agents, and after-sales support. Any financial brand can expand their customer acquisition footprint through our base of trained agents who are able to earn significant income by leveraging their social network,” said Ankit Khandelwal, CEO & co-founder, GroMo.

With the help of the recently raised funds, the company will add more partnerships with BFSI players

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