India-based Groww secures $30m in Series C round

Bangalore-based Groww has closed a $30m Series C financing round led by Y Combinator’s growth-stage investment fund YC Continuity.

Other backers participating in the round included Sequoia India, Ribbit Capital and Propel Ventures, TechCrunch reported.

The startup empowers its eight million users to invest in mutual funds. That includes systematic investment planning and equity-linked savings.

The funding comes after a period of product expansion for Groww, which has seen the venture introduce stocks and digital gold-buying features.

“We believe Groww is building the largest retail brokerage in India,” said Anu Hariharan, partner at YC Continuity. “At YC, we have known the founders since the company was just an idea and they are some of the best product people you will meet anywhere in the world. We are grateful to be partners with Groww as they build one of the largest retail financial platforms in the world.”

Groww has previously raised $21.4m in a Series B round.

FinTech activity in India has nearly doubled since 2015, in terms of investment. Back in 2015, the Indian FinTech sector raised $2.14bn, according to FinTech Global’s data. The investment into the sector then shot to the skies in 2017 when the industry convinced investors to back it to the tune of $8.24bn in investment.

Even though investment slumped in 2018 to only reach $1.79bn, the industry recovered in 2019 when 154 deals with a combined value of $5.15bn were completed.

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