Bengaluru: Investment platform Groww has vaulted to the unicorn club after raising $83 million (Rs 618 crore) in its Series D round led by Tiger Global Management.
Existing investors of the Bengaluru-based platform also participated in this exercise.
The capital will help Groww to invest in new products, hire more professionals and continue building its financial education platforms.
“Only around 25 million people in India are investing in stocks or mutual funds. We will continue working to change this,” said Lalit Keshre, chief executive and co-founder of Groww.
The platform was founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, all former Flipkart employees.
Groww has become one of the fastest-growing investment platforms, with more than 1.5 crore users. It enables users to invest in stocks, mutual funds, exchange-traded funds, initial public offerings, and gold.
Groww is also among the largest mutual fund distribution platforms in the country, registering more than 2.5 lakh systematic investment plans monthly.