BBVA's venture fund has made its first foray into the Indian market, joining a $6.2 million Series A round for consumer investment startup Groww.
The round was led by Sequoia India and joined by Y Combinator and Kauffman, and comes on top of a $1.6 million "pre-round" raise last summer for Bengaluru-based Groww.
Groww is bidding to change the way in which people in the subcontinent invest, letting them use their phones or desktops to put their savings in mutual funds, with other products, including stocks, to come.
Launched less than two years ago by a gaggle of former Flipkart staffers, the company already claims one million users as it taps into the world's second largest population, which also has a rapidly expanding young, mobile-first middle class.
Greg Thome, Propel, says: "With everything they do, the company's founders leverage the same principles of simplicity and customer-centricity that thy learned from Flipkart. They are thoughtful and quantitative about measuring engagement and have made a concerted effort to build a trustworthy brand."
Editorial | what does this mean?