Fintech platform Grip Invest on Wednesday said it has raised Rs 21 crore (USD 3 million) in funding, led by Venture Highway and Endiya Partners. The series A round also saw participation from AdvantEdge, existing investors Anicut Angel Fund and Gemba Capital, a statement said. Angel investors like Satyen Kothari (Cube Wealth founder), Gaurav Gupta (Cube Wealth executive), Akash Sinha and Reeju Datta (Cashfree co-founders), Ankit Agarwal (Navi CFO) and FMS Launchpad also participated, it added.
This brings the total funding received by the company to Rs 27 crore (USD 3.6 million). Grip will utilize the capital to expand the range of investment products offered, launch new user features and strengthen its team as it targets to facilitate Rs 1,000 crore in investments by September 2022, it said.
Grip aims to enable investors to create a more diversified portfolio by providing access and ease of transaction for multiple new-age asset-backed investment options. The company allows retail investors to participate in lease and inventory financing transactions.
Within 12 months of launch, Grip has facilitated Rs 75 crore in investments, has an over 80,000 retail investor community that is growing at 30 percent month-on-month (for the last 12 months), and has 40 percent repeat investment rate for users, the statement said. While fintech has revolutionised how we think about payments, stock-investing, loyalty rewards, and money transfers, 99 percent of retail investors are still left with just two investment options fixed deposits and mutual funds.
"Grip's mission is to change the way Indians think about investing and facilitate wealth creation opportunities with healthy diversified portfolios," Grip Invest founder and CEO Nikhil Aggarwal said.