Indian investment app Groww has tripled its valuation to $3 billion on the back of a $251 million Series E financing round.
In April, Groww achieved unicorn status after closing an $83 million Series D funding round led by Tiger Global.
The new funding was led by Iconiq Growth alonside Alkeon, Lone Pine Capital and Steadfast as well as existing investors Sequoia Capital India, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners. The firm has now raised over $390 million to date.
Less than five years old, Groww counts 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.