Now a big name has been added to the investors of Groww, a fintech company that provides investment related services in mutual funds and shares. This is the name of Microsoft CEO Satya Nadella. Satya Nadella has not only invested in Groww, but he will also advise the company on all business related issues.
Groww’s co-founder and CEO Lalit Keshare gave this information through a tweet on Saturday, January 8. He added, “Groww is joined by one of the world’s best CEOs as an investor and advisor. We are thrilled to join Satya Nadella in our mission to make financial services accessible in India.”
Let us tell you that earlier in 2021, Groww had organized two funding rounds. The company had raised 83 million for the first time in April 2021 at a valuation of over $1 billion. In October, again this fintech startup raised $251 million under the funding of E-Series. With this its valuation reached three billion dollars.
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Indian clients’ interest in online mutual fund investing and stockbroking has increased since the start of the Corona pandemic, which has benefited Groww immensely. Job loss and health concerns prompted Indians to invest their savings in other investment avenues including mutual funds. The participation of retail investors in the stock market has increased significantly in the last one and a half years.
Other investors in Groww include Ribbit Capital, Sequoia Y Combinator, Tiger Global, Propel Venture Partners, ICONIQ Growth, Alkeon, Lone Includes the names of Lone Pine Capital and Steadfas.
Groww was started in 2016 by four former Flipkart executives – Lalit Keshre, Harsh Jain, Neeraj Singh and Ishaan Bansal. Groww helps users invest in stocks, mutual funds, exchange-traded funds (ETFs), IPOs, the US stock market, futures and options and gold. Groww claims that it has more than 20 million users.
Groww competes with players like Zerodha, Upstox, Paytm Money and Angel Broking. New players like Dhan and Fisdom are also rapidly making their entry in this field.