Continuity leads $30mn equity financial round in Groww

NEW DELHI: Online investment platform Groww has secured $30 million (about 221 crore) in fresh equity financing, led by Continuity Fund, the growth-stage investment fund operated by famed Silicon Valley-based startup accelerator Y Combinator.

The latest funding round comes almost a year after the Bengaluru-headquartered startup raised $21 million from fintech-focused investment firm Ribbit Capital, which ET reported in September last year.

The current round has also seen participation from Ribbit Capital, Sequoia Capital and US-based financial services-focused investor Propel Venture Partners — all existing investors in Groww.

Groww, founded in mid-2016 by former Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, was also part of Y Combinator’s winter 2018 batch.

The investment by Continuity Fund is likely to be its second in India, after the one in home-grown fintech major Razorpay earlier. Groww competes with Steadview Capital and Tiger Global-backed IndWealth and Accel Partners’ portfolio company Scripbox in providing an online investing platform to consumers and retail investors, which allows them to invest in mutual funds and stocks.