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    Groww raises Rs 220 crore in Series C funding round

    Groww raises Rs 220 crore in Series C funding round

    Groww raises Rs 220 crore in Series C funding round
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    By Yashi Gupta   IST (Updated)

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    Bengaluru-based investment platform, Groww, on Thursday, said it had raised $30 million in series Y funding. The funding was led by Y Continuity, Y Combinator’s growth-stage fund.

    Bengaluru-based investment platform, Groww, on Thursday, said it had raised $30 million in series Y funding. The funding was led by Y Continuity, Y Combinator’s growth-stage fund.
    The funding round also saw participation from their existing investors - Sequoia India, Ribbit Capital, and Propel Ventures. Series C financing is the fourth stage in the capital-raising process by a startup.
    The company offers mutual fund and digital gold investing, stockbroking services and its users can invest in US stocks as well.
    Groww is planning to utilise the money raised to enhance its technology infrastructure, expand product suite, and hire top talent across engineering, product, and growth divisions, according to the company’s statement.
    Part of the funding will be used to fuel Groww's pan-India financial education invest ‘Ab India Karega Invest’.
    The Co-Founder and CEO of the startup, Lalit Keshre, said, “Our wealth as a nation will keep growing, and our mission is to provide the best experience to investors to manage their wealth. We are happy to partner with investors who believe in our long-term vision.”
    The three-year-old platform has over 80 lakh registered users, of which 60 percent comes from tier 2 and 3 cities, while 60 percent of users join the platform as first-time investors.
    Last year, Groww raised $21.4 million in series B funding from Sequoia India, Ribbit Capital and Y Combinator. Groww is the first company to receive funding from Y Combinator’s Y Continuity.
    “India is seeing increased participation of retail investors in financial markets with 2 million new stock market investors added in the last quarter alone. Groww is leading this change by serving millions of retail investors,” Sequoia Capital India LLP Principal Ashish Agrawal said.
    According to PTI, the company records more than 1.5 Lakh new SIPs every month. 
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