India-based online investment platform developer Groww has raised $251m in a series E round featuring Propel Venture Partners, the venture capital firm formed by financial services firm BBVA, Business Standard reported today.
Investment adviser Iconiq Growth led the round at a $3bn valuation and it was also backed by Lone Pine Capital, Alkeon Capital Management, Steadfast Capital, Sequoia Capital India, Ribbit Capital, Tiger Global Management and Y Combinator’s YC Continuity fund.
Groww operates an online platform where users can invest directly in financial instruments such as stocks, mutual funds, exchange traded funds, futures and other derivatives. It boasts more than 20 million users and has raised more than $390m in funding to date.
The company will use the funds to support long-term growth and educate first-time investors. Its series E valuation is triple that of its $83m series D round, which was led by Tiger Global and backed by Propel Venture Partners, Sequoia Capital India, Ribbit Capital and YC Continuity in April this year.
Tiger Global was the only series D investor that had not taken part in Groww’s $30m series C round, which was led by YC Continuity in September 2020.
Ribbit Capital had previously led a $21.6m series B round for the company a year earlier, investing alongside Sequoia India and Y Combinator. Sequoia India had already led a $6.2m series A round in January 2019 that also featured Propel, Y Combinator and Kauffman Fellows.
