Groww is an innovative investment platform that seeks to simplify the process of mutual fund investments. Founded in 2017, Groww primarily caters to the investment needs of the young generation. The investment platform is available through web as well as the Groww app that has gained immense popularity in a very short period of time. Groww currently has more than 60 lakh customers on its platform.
Some of the key benefits offered by Groww include direct mutual fund investments in just a few taps, option for both SIP and lump sum investment, zero fees, no transaction charges, instant paperless KYC via the app and advanced safety features. With Groww, customers can invest in most of the top mutual fund AMCs in the country such as HDFC Mutual Funds, Axis Mutual Funds, Nippon India Mutual Funds, SBI Mutual Funds, Kotak Mutual Funds, ICICI Prudential Mutual Funds, and Aditya Birla Mutual Funds.
Groww – History
The idea for Groww came to the founders when they realized that there was hardly any platform that provided an easy, fast and transparent way to invest in mutual funds. While working at Flipkart, the founders noticed that the boom in ecommerce was directly linked to rising disposable income of people. This led to the realization that people will need the right place to invest their rising incomes. As a large number of ecommerce customers belonged to the young generation, the founders decided to launch a unique platform that will cater to the investment needs of the millennial population. The founders decided to launch the Groww app, as youngsters prefer to use their smartphones for a wide variety of tasks.
Groww – Investors
Groww has received total investments worth $29.2 million through four rounds of funding. Top investors include Ribbit Capital, Sequoia Capital, Y Combinator, Kauffman Fellows, Propel Venture Partners, and Kairos.
Groww – Competitors
Groww competes with other investment platforms such as Scripbox, Kuvera, Orowealth, Clearfunds (Harvest Fintech Private Limited), Invezta, FundsIndia, WealthTrust, Moneyfrog, and Cafemutual.
Groww – Acquisitions
Groww has not made any acquisitions till date. However, the company may consider the right opportunities that may be available in the future.
Groww – Founders
Groww was founded by four former Flipkart executives – Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal. Lalit Keshre had studied at IIT Bombay and currently serves as the CEO of Groww. Prior to launching Groww, Lalit had also founded Eduflix. Harsh Jain had studied at IIT Delhi and University of California and he currently serves as the COO of Groww. Neeraj Singh had studied at ITM University and currently focuses on product development, customer research and other key departments at Groww. Ishan Bansal had studied at BITS Pilani and XLRI Jamshedpur and he has extensive investment experience in tech space and corporate development.