App-based investment platform Groww has launched stocks trading service called ‘Stocks’, which aims at democratizing stock investing for investors.
It has raised USD 6.67M in an equity funding round from its parent company- Billion Brains Garage Ventures Private Limited. The funds will be utilized towards its expansion and business operations. Total Funds stand at USD 29.2M. Its investors include- Ribbit Capital, Sequoia, YCombinator, Kauffman Fellows, Propel Venture Partners and Kairos.
Groww is mutual funds and stockbroking company providing insights about mutual funds, SIP and personal finance with an aim to help new investors make investing simple. They want to make investing in India – Super easy to use, lightning fast, and crystal clear. Till date they have around 6 million customers. Their app, website and services are easy to use and have a 4.6 rating.
Groww is co-founed by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal. Lalit Keshre, CEO of Groww said that they had started working on the platform almost 2 years ago as there was strong demand from their users wanting to invest in stocks and ETFs.
The platform gives complete information about various company’s statistics such as financial performance, shareholding patterns, peer comparisons etc. at one place, making it easily accessible to investors. They can also see all their holdings and track the performance in real-time at one place, thus making platform investor friendly.
Due to the pandemic, investment related online apps such as Groww, ETMoney, Piggy, IndWealth, Paytm Money etc are facing a downturn in business due to poor financial market conditions and a discouraging mood among investors. Nevertheless, Groww is all set to add a lot more features to its app and website to become a one-stop destination for everything related to stock investing.