The investment made by Sequoia India will serve to build an investment platform for 108 million Indian citizens
India has about 20 million investors in the IT world, but the number could rise to 200 million.
Groww and former Flipkart employees
The company based in Bengaluru in India, proposes an online investment platform, and its services are available free of charge.
Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, collected the necessary capital at the beginning of last years, from financiers like Y Combinator, Ankit Nagori, and Mukesh Bansai.
In June 2018 they managed to get another 1.6 million dollars, thanks to another pre-series fundraising.
This time, the investments came from Insignia Venture Partners, America’s Lightbridge Partners and Kairos fund.
Groww helps you invest in direct investment funds, through a web platform, or a mobile app.
The Indian company claims to have partnerships with 34 fund houses (investment companies).
Some of these are: WealthTrust, MyUniverse, MoneyLover, MoneyView, MTrakr, IOU (I Owe You), Wealthy, Scripbox, and Fisdom.
Groww and investments for everyone
One of the founding partners, Lalit Keshre, believes that another 108 million Indian investors may be involved in online investments.
Regarding Fintech Groww, Keishe stated that:
“We want to create a platform that has all the possible investment solutions, within an intuitive and easy-to-use interface, all this while providing the best experience in the category, this is the fundamental premise of our offer.“
He added that thanks to investors such as MobiKwik, ET Money, and Paytm, who bet on the wealth management space, the segment is growing beyond its limits.
Did you know that, according to data from the Association of Mutual Funds in India (AMFI), the number of accounts held by investors rose from 71.3 million at the end of March 2018, reaching 74,6 million in June?
Sequoia Capital India Advisors
Founded in 1972 in Menlo Park, in California, it was one of the pioneer venture capital companies in Silicon Valley.
In 2006 the Indian venture capital firm Westbridge Capital Partners was acquired, subsequently renamed Sequoia Capital India.
In 2013 CB Insights indicated Sequoia Capital as the number one among the venture capital companies, in 2014 it sells WhatsApp to Facebook for 22 billion dollars.
The director of Sequoia Capital India Advisors, Ashish Agrawal said that:
“We are seeing a strong growth in the Indian Investor base, which is fueling the market need for a better and cheaper investment platform like Groww.
With their strong product sensitivity, and the focus on young investors, Groww aspires to be the preferred product for retail investors in India.“
This post is also available in: Italian