In a deal worth ₹175 crores, the 4-year old Groww will acquire Indiabulls’ 14 year old Mutual Fund business. With this, Groww will become one of the few fintech companies in India to have its own asset management business. In such short span, Groww’s growth story has been phenomenal. Read the story to know how 4 flipkart employees found the gap in Indian financial services and went on to build a unicorn.
Crux of the Matter
4 Flipkart employees, with an aim of making investing in India simple, left their jobs in 2016 to start their very own venture, Groww!
- Lalit Keshre– CEO
- Neeraj Singh– CTO
- Ishan Bansal– CFO
- Harsh Jain– COO
The Common Ground
- The founders believed that the process of investing in financial products was too complex in India.
- In 2016, while India dwelled 200 million of people with investable income, only 20 million of the bunch invested actively.
- The idea was to bring the rest 90% of the group on Groww’s platform by simplifying the investment.
- Groww focused on availing the best customer experience. Multiple experiments were carried out to get the user experience right.
- Reason? To make investing possible even for someone who’s just starting out.
- Money is one of the important risk factors in investing. Thus, safety and security embedded in simplicity was what Groww wanted to provide.
- Tiger Global Management
- Sequoia Capital India
- Ribbit Capital
- Y Combinator
- Propel Venture Partners
- Insignia Ventures partners
Seed Funding was raised from CureFit founders Mukesh Bansal and Ankit Nagori along with Y Combinator.
Groww plans to expand its financial services via launching:
- US Stocks
- Sovereign Gold Bonds
- Derivative Products
By 2023, Groww plans to venture in financial education programs for millennials.
- Zerodha is a combination of ‘zero’ and ‘rodha’ (barrier) meaning zero barriers. India’s largest stockbroker, Zerodha was founded by Nithin Kamath and Nikhil Kamath in 2010.
- Groww over time has received investments from investors around the world like Ribbit Capital, Sequoia, Y combinator, and Kauffman Fellows. It has raised nearly $21.4M from these Investors.
- The 29-storey Phiroze Jeejeebhoy Towers houses the Bombay Stock Exchange. The building is named after the former Chairman of BSE, Phiroze Jamshedji Jeejeebhoy.