Bengaluru: Fintech platform 'GroMo' said on Monday it has raised ₹4 crore in seed funding led by Ramakant Sharma, co-founder of Livspace, and Utsav Somani of AngelList India, besides some other angel investors. The company plans to use the capital to strengthen its core technology and operations team.
Launched earlier this year, GroMo is founded by three IIT Delhi alumni: Ankit Khandelwal, Darpan Khurana and Arpit Khandelwal. The platform aims to provide access to financial products to the underserved and unpenetrated Tier 2 and beyond cities of the country.
GroMo’s ambition is to empower micro-entrepreneurs like CAs, property dealers, travel agents, students, etc. to become GroMo Partners and generate additional income by selling financial products by leveraging their social network— WhatsApp, Facebook, Sharechat, etc. GroMo is building a tech-enabled social commerce platform, to offer a full spectrum of financial products such as loans, insurance, and investments to the end consumers through GroMo Partners.
GroMo launched its pilot in Jaipur and Alwar and already has 500-plus GroMo partners onboard and aims to expand to more cities in the coming months. Currently, it is offering loans and will be adding insurance and investment products later.
Ankit Khandelwal, Co-Founder and CEO, GroMo, said: “India currently witnesses the lowest adoption level of financial products in the world. There is a lack of trust and understanding among the people, especially in the Tier 2 cities and beyond. These markets are set to drive the next wave of growth for the fin-tech industry. We believe we can increase the penetration levels of financial products in smaller towns by building a social commerce platform to sell financial products."
Speaking on the development, Ramakant Sharma, Co-Founder of Livspace, said, “We are happy to back a strong and experienced team at GroMo. Fintech in India is a huge opportunity and GroMo’s social commerce solution is highly scalable and has the potential to reach less developed parts of the country"
