Groww is a startup that provides its users with an online investment platform in the country of India. The company is making it possible for more people in the country of India to become active in investing for the future. The investment platform is based in the Indian finance and insurance industries and it is opening up a new world for users who were previously hesitant to dabble in investments. To help you become more familiar with the company, its purpose, and benefits, here are 20 things you didn't know about Groww.
1. Groww is still a young company
According to Wikipedia, Groww first launched its opeations in 2016. The business is less than five years into its development, which is considered to be early-stage in most circles. The business is headquartered in Bangalore, India. It has expanded quickly since the platform started offering direct mutual fund plans in April of 2018. It added stock investment options in 2020
2. Groww services are free of charge
Customers who sign up with Groww are not charged a fee for the services that it provides. It is an app-based platform that allows consumers to research information about mutual funds and to gather useful data to help them make informed decisions before choosing to invest.
3. Groww offers an educational component
Customers who use the Groww app have the option of learning more about investment. The educational content that is available through the app allows for exploring different funds to find out about their history along with current and past performance as well as the stocks that are held by the mutual funds. Users can gain useful information from Groww that will help them to determine if investing is the right option for them as well as which options are the most suitable.
4. Groww is a convenient app
Groww provides users with helpful features that make investing and tracking the progress of the investments fast and simple. A SmartSave feature that is built into the app shows where the investment funds are stored in a liquid fund. The process is entirely transparent which takes the guesswork out of investing and wondering how your money is being used.
5. Groww instills confidence in its customers
People who use the Groww platform are put more at ease because of the policies of the company. Whenever an investment is made, the funds can be tracked and monitored by the user. One of the best features of the platform is the option for instant redemption. If you make an investment that you're not happy with, you don't need to offer explanations for why you are withdrawing your investment. It's a simple process of instant redemption that allows you to access your funds.
6. There is a YouTube Channel associated with Groww
Some people prefer to use a visual enhancement to learn. Groww offers customers access to a YouTube channel that is titled Groww Originals. The channel features financial reports who offer candid discussions about stock and mutual fund investments. The site provides guidance to help consumers when making investment decisions.
7. Groww is expanding and experiencing tremendous growth
The business is prospering as more people are learning about the possibilities of earning additional income through wise investments. Groww reached a pinnacle of growth in February of 2021 when it reached its 10-millionth registered user on the platform. It's a useful tool that is becoming more popular with people who have always thought about investing but didn't know how to get started. The information that it provides without charge helps the average person to understand the basics of investing as well as the risks and potential benefits involved.
8. Groww is founded by a group of first-time entrepreneurs
According to Crunchbase, Groww is a company that was established by a group of four co-founders. Each of the partners came together to share their passion for investing and for helping others in the country of India to have a platform that would help them to understand the risks and benefits of investing in mutual funds and stocks. None of the founders have previous experience in setting up or running their own companies, yet they've done a magnificent job of setting up the Groww startup and turning it into a successful business. The founders of Groww are Lalit Keshre, Neeraj Singh, Harsh Jain, and Ishan Bansal. Each member of the founding team brings their unique skill set and business experience from previous work and educational experiences. It goes to show you what a group of determined people can do when they are all united together in a common mission to help others.
9. Groww is maintaining a small executive team
While some startups add to their original executive teams when they begin to experience huge success, Groww has opted to keep their internal operations small. The company is run by a team of four founders. They have not recruited outside help as of this point for the leadership. The CEO of the company is Lalit Keshre. Harsh Jain serves and the chief operating officer. Ishan Bansal and Neeraj Singh both serve in an advisory capacity as co-founders and a two-man team serving as the board of directors.
10. Groww has been successful in securing funding
Groww is a privately owned company that relies on venture capital funding for developing its infrastructure, operations, and expansion. The team of executives has been successful in attracting wealthy investors who show confidence in Groww's business plan and believe in its ability to succeed in the long run.
11. Groww received its first funding round in 2018
Groww participated in a round of seed funding that closed on July 9, 2018. total of $1.6 million was raised. It was successful in attracting a total of 9 investors who contributed to the success of the fundraising effort.
12. Groww has raised $142 million in venture capital funding
A round of Series A venture capital funding closed on January 23, 2019. Sequoia Capital India led the round, joined by 5 other investors. The total amount of venture capital raised in the round was $6.2 million. A Series B round brought in an additional $21.4 million, closing on September 18, 2019. On September 10, 2020, Groww participated in a round of Series C funding which generated an additional $30 million.
13. Groww just completed a round of Series D funding
Groww now qualifies as a late-stage investment company with its latest round of venture capital funding. The effort closed on April 7, 2021, and yielded an additional sum that brings the total of funds raised to $142 million. The four lead investors include Sequoia Capital India, Ribbit Capital, Y Combinator Continuity Fund, and Tiger Global Management. Together these investors have helped Groww to raise the necessary funding to provide seamless services in their investment platform for the consumers. 16 total investors are backing Groww's efforts.
14. The Groww platform is a technically complex operation
We also discovered that Groww relies on a host of complex technologies and products to power its website. There are a total of 30 technologies used over 29 technology products. A few of these include Google Fonts, Google Analytics, HTML, Viewport Meta, IPhone Mobile Compatible, SPF, and several others. Why is it important to know this? Groww performs a variety of services for its customers. Each process is presented simply and straightforwardly which makes it flow seamlessly and with ease. It takes a lot of technological innovations in operation behind the scenes to deliver such high-quality service to the end-users. Groww has invested in the tech end of its system to ensure that everything flows smoothly for the best possible user experience.
15. Groww has reached unicorn status
According to Techcrunch, Groww has achieved the status of unicorn. This is an elite group that consists of startups that have reached a valuation of at least $1 billion or more. Groww has met and exceeded this requirement with an estimated valuation of $1.5 billion. The pinnacle of success was reached after the latest round of Series D venture capital funding brought in an additional $83 million for the company. It's a significant accomplishment for the four co-founders who are all first-time business owners. They stand as proof that people who are determined to achieve success in their careers can still do so.
16. Groww continues to expand its services and products for users
Groww is committed to providing an array of investment choices for its customers. The company continues to add more options for investors to consider. A review of its official site reveals that Groww provides easy-to-access links that allow investors to evaluate potential investments in mutual funds, and stocks, which were the original two investment options offered since it first opened its virtual doors for business. Now it has also added the option of investing in gold, stocks listed on United States exchanges, and equity-linked savings investments/SIPs. Also, the platform offers every fund that is currently available in the country of India.
17. Most Groww users are first-timers
An interview with CEO Lalit Keshre revealed that the number of users has increased dramatically since February 2021 accounting for 10 million. That number has grown in just a few months to more than 15 million registered users. This shows a massive growth spurt. Keshre shared that analytics about the demographics of the users shows that two-thirds of them are first-time investors who have had no previous experience with investment. This is proof that the four-person team is reaching out to the people that they targeted as their main consumer base.
18. The founders of Groww are former Flipkart executives
Each of the founding members of Groww has previous experience in executive leadership. They all worked for the company Flipkart in various highly responsible positions. Although the company has opted to keep its leadership narrowed down to the four founders, CEO Keshre shared that they're talking about bringing in a few new people. The latest fundraising round has provided ample funds to accelerate the growth of the company and all four have agreed that it is time to start thinking in longer terms about the company and how they can accelerate fast growth. This is exciting news for a company that has already achieved nearly unheard of success in just a few short years since it opened for business.
19. Groww provides workshops in small cities
The analytics show that up to 60 percent of the users registered with Groww are from smaller towns and cities in India. Since most of them have not had any previous experience with investing, Groww has taken action to give them a little more help. The business began conducting workshops around India in its smaller cities. The purpose of the workshops is to educate the people in the rural and smaller communities about what investment is and what things are important to take into consideration when making investments. Groww never makes suggestions about what to invest in but they do teach people how to make their analysis and draw conclusions about the behaviors of certain investments, along with the risks and potential benefits.
20. Groww is just getting started
Although Groww has achieved a decent level of success in a short time, CEO Keshre, shared that the leadership team has a higher vision for their startup. They believe that this is just the beginning and there is a lot more work that is yet to be done. They're seeing an influx in younger people registering with the site. Some of the activity is ascribed to the recent coronavirus pandemic and the extra time that people have on their hands. Groww has certainly opened up new avenues for people to pursue establishing new streams of income, but there are still more people to reach and more products that can be offered to them. Groww is set for another burst of growth and expansion and only the future will reveal what they have in mind.
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Written by Allen Lee
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