Investing platform Groww has raised funding from Y Combinator, Mukesh Bansal (founder Myntra & Curefit) and Ankit Nagori (Curefit, ex-CBO Flipkart) to make investing simple for new investors in India.
Groww is founded by ex-Flipkart team with rich experience in engineering, product, finance and e-commerce. They faced this problem when they began to invest and wanted to build a product that really works for Indian millennials.
Groww leverages data science to make investing simple, accessible and transparent. It. is a customer-centric investment platform that also hosts several communities that help investors make the right investing decisions. Groww lets investors understand financial products through its user-friendly interface and content that is specific to their needs. Currently, investors can find more than 5000 mutual funds on Groww and invest without any paperwork. Groww is available on an Android app and website and would be coming soon on iOS.
Lalit Keshre, Co-founder & CEO, says, “Our long-term vision is to build a modern financial services company out of India, accessible to everyone. That means anything that users get from a bank, should be able to get it faster and cheaper on Groww with 10x better user experience.”
Mukesh Bansal, says, “Ankit and I are excited to partner with Groww to transform personal investing in India. Groww has an exceptional team, built a solid product in a short period of time and is demonstrating very robust growth. Groww’s approach in bringing cutting edge technology and highly customer centric user interface will make investing easy for millions of consumers.”
Holly Liu, Partner at Y Combinator and Co-founder of Kabam adds, “I cannot think of a better way to empower the growing group of Indian millennials by enabling them to make financial investment choices that are more accessible, faster, and cheaper than traditional banks. Groww’s product does just that. The product is built from a team with the right expertise and the right experience to tackle this large opportunity.”
With more than 300 million online transacting users, less than 15 million users invest. Investing is complicated. Groww lets users invest in mutual funds just like they shop online or book a cab. The traditional tedious and time-consuming process of investing through offline brokers is losing relevance with more people moving online and expecting transparency with convenience. Groww’s mission is to make investing simple for the next 100 million people to effectively grow their wealth by moving towards digital financial products.