Bharat focused fintech startup GroMo raises $11 Mn

Fintech platform GroMo has raised $11 million in Series A funding round led by SIG Venture Capital along with participation of  Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, and  Hauz Khas Ventures. This would be the first institutional round for the company.

Besides these  venture capital firms, top notch angels including Kunal Shah, Niraj Singh, Ramakant Sharma, Alok Mittal, Utsav Somani, Ashish, Abhishek Goyal and Nitin Gupta also joined the new round.

The proceeds will be utilised to strengthen its technology, expand the business team, bring new financial institutions on board and reach over 15,000 pincodes in India, said the company in a press statement.

Founded by Ankit Khandelwal and Darpan Khurana, GroMo leverages a network of agents (like Meesho did in fashion et al) and BFSI professionals who sell financial products insurance, investments, credit cards, loans, saving and demat accounts in Bharat (tier II, III and IV cities). According to its website, it has 1.2 million agents on its platform who have served over 3 million customers since its inception in 2019.

At present, the company works with banks and fintech companies including IDFC Bank, Axis bank, Freecharge and  Jupiter money among others. GroMo also received an insurance broking licence for distribution of general and life insurance from the regulator: IRDAI, mentioned the company in the statement.