Groww, which is a Bangalore based online trading platform, has now revealed that the CEO and Chairman of Microsoft Corporation, Satya Nadella, has joined the company as an advisor and investor.
Groww was founded by the four former top executives of Flipkart, which are Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, in the year 2017. It provides investing in stocks, mutual funds, IPO, and ETFs for India growing retail investors. It has more than 30 million customers and more than 500 team members.
The financial details of the company have not been disclosed.
In the month of October 2021, Groww secured around $251 million in a funding round backed by Iconiq Growth, at a post valuation of around $3 billion.
The Series E funding round also saw participation from the investors like Steadfast, Alkon, Lone Pine Capital.
Some of the existing investors of Groww also participated in the funding round, which includes Propel Ventures, Ribbit Capital, Sequoia Capital, Tiger Global and YC Continuity.
As per the report from the company officials, the company as of now has plans to use the new funds to make financial services accessible, reliable and flexible to people in India. It also plans to continue making a major investment in spreading financial awareness and education.
“Groww’s objective is to ensure that customers have all the investment options available to them to invest in different instruments. The platform should be able to provide customers with the right selection and tools to help them make the right decision. Today, a product like mutual fund is our anchor product, and we believe that 100 million customers in India can invest in mutual funds," Lalit Keshre, CEO and co-foun-der, Groww, said in an interview.
“We have launched (investments in) US stocks on our web platform. The problem is not about investment (in US stocks), but rather about the remittance process and costs. And a lot of players in the market are looking to solve that. We are also working on solving these remittance problems, but don’t have clear timelines to give at this moment on the launch," Keshre said.
“Groww is already among the leading investment platforms in India, showcasing strong unit economics and customer cohorts. We are excited to participate in its vision to be the primary financial platform for Indian consumers," said Yoonkee Sull, partner at Iconiq Growth.