Investing platform ICONIQ Growth announced on Monday that it raised $251 million in its Series E funding round led by Groww. Investors like Alkeon, Lone Pine Capital and Steadfast also participated in the funding round along with existing investors such as Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global and Propel Venture Partners. Groww is now valued at $3 billion after the latest round of funding.
The platform plans to expand its reach to the under-penetrated geographies, strengthen the team and scale tech infrastructure. It also aims to make significant investments in spreading financial education and awareness.
Over the last five years, we have built a product that customers love and have lowered the barriers to investing across India. We are making a difference in the lives of millions of Indians by democratizing access, said Lalit Keshre, CEO and co-founder of Groww.
Yoonkee Sull, ICONIQ Growth partner, said that the financial services market in India is already large, growing rapidly and ripe for disruption. During the last couple of years, Groww has demonstrated that they are ready to seize that opportunity through strong accelerating momentum predicated on the strength of technology, said Sull.
Founded in 2016 by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww enables retail investors to access financial products and services through its web and mobile app. It offers India s retail investors investing in direct mutual funds, stocks, ETFs and IPOs.
The investment platform aims to become the most customer-focused tech company for financial services in India. It also plans to add more financial products and services.
ICONIQ Growth has companies like AirBnB, Alibaba, Docusign, Gitlab, Uber, Zoom and more in its portfolio of invested companies.