Online investment startup Groww has raised an undisclosed round of seed funding from Y Combinator, Myntra founder Mukesh Bansal and Ankit Nagori.
Founded by ex-Flipsters Lalit Keshre, Harsh Jain, Neeraj Singh, Ishan Bansal and John Francis, Groww leverages data science to make investing simple and transparent.
The Bengaluru-based company will use the latest proceeds to expand its technology team and also introduce new products for its customers, reports ET.
Groww essentially helps amateurs investors to make investments in special investment plans (SIPs) such as mutual funds. It assists investors step by step in finding right portfolio as their needs and offers personalisation to un-complicate the investing process.
It also hosts several communities that help investors make the right investing decisions helping them understand financial products through content.
The platform offers more than 5,000 mutual funds where investors can invest without any paperwork. The firm counts top companies including Aditya Birla, SBI Bluechip, L&T among several others in mutual fund space as its partners.
Available only on Android (link), Groww intends to get around 1 million users in the next 12 months. Currently, it has downloads in the range of 5,000 to 10,000 with 4.9 rating, as per Google Play data.
Y Combinator recent bets on Indian startups
Earlier, this month Digital payment solutions company Razorpay had raised $20 million in funding led by Tiger Global and Y Combinator in its series B round.
In October, Bengaluru-based payments platform Cashfree had got $120,000 in seed funding from US-based startup accelerator Y Combinator, after the startup was selected for its Summer 2017 batch.
Online motorbike rental aggregator Wheelstreet, which was a part of the Y Combinator Summer 2017 cohort, has raised $120K from the accelerator. The US-based seed investor also took part in the funding round of online marketplace for resellers Meesho, which raised $3.44 million (Rs 22.4 crore) led by SAIF Partners.