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Indian investment app Groww raises $21.4 million

Indian investment app Groww raises $21.4 million

Groww, an investment app aimed at Indian millennials, has raised a $21.4Mn Series B funding round from US-based VC firm Ribbit Capital along with existing investors Sequoia India and Y Combinator.

Three-year old Groww currently offers commission-free investing in mutual funds via its website, Android and IOS app for free. The company has attracted 2.5 Mn+ users across India, with more than 60% of them coming from outside of the top six cities.

More than two-thirds of users who start on Groww, are first-time investors, drawn in by the app's simplified user interface.

The company says it will use the new funding to grow its team size to 200+ and add new stock trading facilities, including the ability to invest in US-listed securities.

Lalit Keshre, co-founder and CEO, Groww, said, “We started Groww with a mission to democratise financial services in India. Today, we are the go-to platform for the new generation of investors. This round will enable us to strengthen our team to build exciting products - very soon, users will be able to invest in stocks on Groww.”

The new round brings the total raised to date by the Bangalore-based firm to $59 million.

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