India-based investment app Groww has tripled its valuation in six months, with its latest funding round valuing it at $3bn.
The company reached the valuation after it closed its Series E round on $351m, according to a report from TechCrunch.
Iconiq Growth served as the lead investor, with commitments also coming from Alkeon, Lone Pine Capital and Steadfast. Existing Groww backers Sequoia Capital India, Ribbit Capital, YC Continuity, Tiger Global and Propel Venture Partners also supported the round.
Groww only recently joined the unicorn club, with its $83m Series D in April putting its valuation at $1bn.
In the coming months, the FinTech company hopes to release new asset classes for its users to invest into. Groww co-founder and chief executive Lalit Keshre told TechCrunch, “We are making a difference in the lives of millions of Indians by democratizing access. And it seems the journey has just begun with such a huge opportunity ahead of us.”
Groww is aimed at millennial investors and provides them with access to a plethora of opportunities, including mutual funds, stocks, futures and options, US stocks, IPOs and fixed deposits.
It claims to be used by more than ten million consumers.
Corporate banking card Brex also just extended its sizable valuation within six months. The company was valued at $7.4bn in April, but has just secured a fresh investment that ups its valuation to an impressive $12.3bn.
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