The online investment platform raised 83 million dollars last April in a round D series funding led by Tiger Global. After that, Groww was valued at just over 1 billion dollars, constituting yet another unicorn in the Indian fintech market.
Groww announced that Microsoft CEO Satya Nadella has joined the company as an investor and consultant, thus acquiring one of the best CEOs in the world on its support team.
This strategic partnership will contribute to the company’s mission to make financial services affordable in India, as expressed on Twitter by Groww’s CEO, Lalit Keshre, who did not disclose the financial details of the new investment. The Bengaluru-based company had received an additional 251 million dollars in October 2021 as part of an E series funding round led by IconiQ Growth, nearly tripling its valuation to 3 billion dollars.
The company was founded in 2016 and competes with Zerodha, Paytm Money and Upstox as a wealth management and brokerage platform for retail traders, among others. Groww claims to have over 2 million active investors in equities and a total user base of more than 20 million. In fact, the company recently started investing in IPO, futures, options and sovereign gold bonds on its platform.