Continuity leads $30mn equity financial round in Groww

NEW DELHI: Online investment platform Groww has secured $30 million (about 221 crore) in fresh equity financing, led by Continuity Fund, the growth-stage investment fund operated by famed Silicon Valley-based startup accelerator Y Combinator. The latest funding round comes almost a year after the Bengaluru-headquartered startup raised $21 million from fintech-focused investment firm Ribbit Capital, which ET reported in September last year.The current round has also seen participation from Ribbit Capital, Sequoia Capital and US-based financial services-focused investor Propel Venture Partners — all existing investors in Groww.Groww, founded in mid-2016 by former Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, was also part of Y Combinator’s winter 2018 batch. The investment by Continuity Fund is likely to be its second in India, after the one in home-grown fintech major Razorpay earlier. Groww competes with Steadview Capital and Tiger Global-backed IndWealth and Accel Partners’ portfolio company Scripbox in providing an online investing platform to consumers and retail investors, which allows them to invest in mutual funds and stocks.

from Economic Times https://bit.ly/2RoNbAF
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