Online trading platform Groww has raised $83 Mn in a series D round, which valued the fast-growing startup at a valuation of more than $1 Bn. Tiger Global led the round, and existing investors such as Sequoia India, YC Continuity, Ribbit Capital, and Propel Venture Partners participated as well.
Groww currently has more than 1.5 crore users. Over 20 lakh new demat accounts were opened on its platform since June 2020, the startup said. It was founded in 2017 by four former Flipkart executives, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal.
"Only around 25 million people in India are investing in stocks or mutual funds. We will continue working to change this. The new capital will help us invest in new products, acquire talent, and continue building our financial education platforms," Lalit Keshre, CEO and Co-founder at Groww, said.