Investment platform Groww said on Wednesday it had raised $ 83 million (roughly Rs.615 crore) in a funding round led by Tiger Global for a valuation of $ 1 billion.
The funding round also saw the participation of existing investors – Sequoia India, Ribbit Capital, YC Continuity and Propel Venture Partners.
“Groww has raised $ 83 million through the Series D round for a valuation of over $ 1 billion. Tiger Global led the fundraising with the participation of existing Groww investors,” the company said in a statement. .
Any startup valued at $ 1 billion is called a unicorn.
Groww was launched almost five years ago to make investing accessible and transparent for everyone in India, and it has progressed well, said CEO and co-founder Lalit Keshre.
“Only about 25 million people in India invest in stocks or mutual funds. We will continue to work to change that. The new capital will help us invest in new products, acquire talent and continue to develop our businesses. financial education platforms, ”he said.
With this round, Groww has raised a total of $ 140 million to date.
Groww allows users to invest in stocks, mutual funds, ETFs, IPOs, gold, etc. Launched in 2017, Groww claims to have over 15 million registered users.