Y Combinator-backed Groww bags $1.6 Mn pre-Series A round

Online investment startup Groww has raised $1.6 million in a pre-series A funding round from Insignia Venture Partners, America’s Lightbridge Partners, and Kairos fund.

The Bengaluru-based startup also saw participation from existing investors including CureFit founders Mukesh Bansal and Ankit Nagori.

In January, this year, Groww had secured an undisclosed round of seed funding from Y Combinator, Mukesh Bansal, and Ankit Nagori.

With the fresh capital infusion, the fintech startup plans to improve its technology and to launch more financial products and services.

Founded in 2017 by ex-Flipsters Lalit Keshre, Harsh Jain, Neeraj Singh, Ishan Bansal and John Francis, Groww essentially helps amateurs investors to make investments in special investment plans (SIPs) such as mutual funds.

The startup assists retail investors to step by step in finding the right portfolio as their needs and offers personalisation to un-complicate the investing process.

Groww leverages data science to make investing simple and transparent. In future, the startup aims to grab a larger share in this market by making the entire process, including KYC, paperless.

The Android-only platform counts top companies including Aditya Birla, SBI Bluechip, L&T among several others in mutual fund space as its partners.

Apart from Groww, Y Combinator has invested in several startups in the last one year including digital payment solutions company Razorpay, fintech startup Cashfree, online motorbike rental aggregator Wheelstreet, and e-marketplace for resellers Meesho.

The development was reported by Mint.