Groww raises $1.6 mn funding from Insignia Ventures, others

Investment platform Groww today said it has raised USD 1.6 million (about Rs 11 crore) in funding from a clutch of investors including Insignia Ventures, Lightbridge, Kairos among others. The funding round also saw participation from previous investors Mukesh Bansal and Ankit Nagori.

The company plans to utilise the funds for strengthening technology and building scalable growth channels, Groww said in a statement. Y Combinator is also an investor in the start up, the company added.

"Our long term goal is to make anything related to finance extremely simple and transparent for users while providing them the best user experience," Groww co-founder and CEO Lalit Keshre said.

Launched in April 2017 by ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww provides direct plans for mutual funds and a "transparent approach to investing via a mobile app and web platform".

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Groww, which partners with all 34 fund houses, said the company plans to come out with more financial products and value-added services in the long run.