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Indian investment app Groww becomes unicorn

Indian investment app Groww becomes unicorn

Investment app Groww has becomes the latest Indian fintech unicorn after closing an $83 million Series D funding round led by Tiger Global.

Sequoia Capital India, Ribbit Capital, YC Continuity and Propel Venture Partners joined the round, which values Groww at north of $1 billion.

Less than five years old, Groww claims more than 15 million registered users for its service, which enables Indians to invest in stocks, mutual funds, ETFs, IPOs and gold, via its website, Android and IOS app for free.

The firm claims that most of its users come from outside of the six big cities and are first-time investors, drawn in by the app's simplified user interface.

The new funding will be used to expand its product suite, make hires, and beef up its financial education content targeting millennials.

Lalit Keshre, CEO, Groww, says: "We started Groww almost five years back to make investing accessible and transparent to everyone in India. We have made good progress, but it feels we have just got started."

Groww is the second Indian fintech to join the unicorn club this week, following Cred, which allows users to pay their credit card bills and gives rewards in return.

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