India-based online investment platform developer Groww has secured $83m in a series D round featuring Propel Venture Partners, the venture capital firm formed by financial services firm BBVA, TechCrunch reported yesterday.
The round, which valued the company at over $1bn, was led by hedge fund manager Tiger Global Management and also featured venture capital firms Sequoia India and Ribbit Capital, as well as accelerator Y Combinator’s investment vehicle, YC Continuity.
Groww was founded in 2017 and operates an online platform that enables consumers to invest in financial products such as mutual funds and stocks. The funding will go toward the expansion of its product offering, recruitment activities and financial education and awareness initiatives.
The round increased the company’s total funding to $142m and followed a $30m series C round in September 2020 that was led by YC Continuity with participation from Propel Venture Partners, Sequoia India and Ribbit Capital.
Ribbit Capital, Sequoia India and Y Combinator also participated in Groww’s $21.4m series B round in September 2019, eight months after the company received $6.2m in a series A round led by Sequoia India that included Propel Venture Partners, Kauffman Fellows and Y Combinator.
Groww had previously raised $1.6m of seed funding from Insignia Venture Partners, Lightbridge Partners and Kairos Ventures in 2018.