Bengaluru-based investment platform Groww has raised $1.6 million in pre-series A round of funding from Insignia Ventures Partners, Lightbridge Partners, Kairos and others, with participation from previous investors Mukesh Bansal and Ankit Nagori. Groww will use the funds for further strengthening technology and build scalable growth channels. Y Combinator is also an investor in the startup.
Launched in April 2017, Groww offers direct plans via a mobile app and web platform. The Android app is one of the fastest growing mutual fund apps on Google Play. Groww has partnered with 34 fund houses.
The company claims that a new user can start investing within few minutes due to its online KYC process.
Groww is the brainchild of ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, who started the company in April 2017, by bringing their entrepreneurial spirit and expertise in engineering, product management, finance and e-commerce.
