Groww Raises $30 Million In Series C Funding From YC Continuity, Sequoia, Ribbit Capital

Bengaluru-based wealth management platform, Groww on Thursday said that it has raised $30 million in Series C funding, led by Y Combinator’s growth stage fund, YC Continuity. Groww is YC Continuity’s first investment in India. The fundraise comes exactly a year after Groww raised $21.4 million in Series B financing from Ribbit Capital, Sequoia India as well as Y Combinator. “We believe Groww is building the largest retail brokerage in India. At YC, we have known the founders since the company was just an idea and they are some of the best product people you will meet anywhere in the world. We are grateful to be partners with Groww as they build one of the largest retail financial platforms in the world,” said Anu Hariharan, partner at YC Continuity. “India is seeing increased participation of retail investors in financial markets – with 2 million new stock market investors added in the last quarter alone. In the last two years, Groww has expanded their product offering and built a strong team in its journey to make investing simple for Indians”, said Ashish Agrawal, Principal, Sequoia Capital India LLP. At present, 60% of Groww users hail from Tier 2,3 cities, with 60% of its user base being first time investors.