Boom! Another unicorn pops up from India as Groww raises $83 million at a billion dollar valuation
- Online investment platform Groww has raised $83 million at a billion dollar valuation from Tiger Global.
- The investment also saw participation from existing investors Sequoia India, Ribbit Capital, YC Continuity and Propel Venture Partners.
- Groww becomes the fourth unicorn in this week alone and the eighth unicorn of 2021 so far.
AdvertisementOnline investment platform Groww has raised $83 million at a billion dollar valuation from US-based investor Tiger Global. The investment also saw participation from existing investors Sequoia India, Ribbit Capital, YC Continuity and Propel Venture Partners.
The startup had last raised $30 million in Series C led by YC Continuity in September 2020.
With this, Groww becomes the fourth startup to be catapulted to unicorn status this week alone and the eighth unicorn of 2021, so far.
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Groww is a stockbroking startup founded by former Flipkart employees – Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal. Based in Bengaluru, the company claims to have over 10 million registered users across 900 cities.
The four-year old startup was also a part of CB Insights’ list of 250 world’s most promising fintech companies.
The stock broking market has been heating up as India has seen a huge uptick in the number of people investing in Indian stock markets. Groww faces competition from the likes of Zerodha, Paytm Money, INDMoney, Stockal among others.
With the latest investment, the startup plans to expand its product suite, hire top-quality talent, and invest heavily in financial education and awareness.
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