Groww brings on board Microsoft chief Satya Nadella as an investor, advisor

“Groww will get the most effective CEOs on this planet as an investor and advisor. Glad to see @satyanadella becoming a member of us in our mission to make monetary providers accessible in India,” Keshre tweeted.

In April final yr, Groww
raised $83 million in a Collection D funding spherical led by Tiger Global, making its approach into the coveted unicorn membership. Inside the subsequent six months, the funding platform
raised another $251 million in a brand new spherical of funding, tripling its valuation to $3 billion, or about Rs 22,500 crore.

It was joined by the likes of main fintech unicorns similar to service provider funds and monetary service suppliers Razorpay and Pine Labs which grew their valuation to $7.5 billion and $3.5 billion, respectively, by means of successive fundraises, final yr.

Based in 2016 by former Flipkart executives Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww allows retail buyers to entry monetary services and products by means of the online and cellular.

Customers can spend money on direct mutual funds, shares, ETFs (exchange-traded funds), and IPOs. The corporate additionally just lately launched investments in preliminary public choices (IPOs), sovereign bonds in addition to futures and choices on its platform. It has been working for just a few years to introduce investments for US-based shares for its customers.

As of October final yr, Groww had over 20 million customers on its platform, with 70% of its person base residing in Tier 2 and three geographies. The corporate was seeking to bolster its current choices, mentioned Keshre over the past fundraise.

Earlier in Could 2021, Groww additionally revealed its plans of making its personal funding merchandise by means of the acquisition of Indiabulls Housing Finance Ltd.’s (IBHFL’s) mutual fund subsidiaries — Indiabulls Asset Administration Firm Ltd. and Indiabulls Trustee Firm Ltd., for Rs 175 crore.

The funding platform was seeking to acquire from the expense ratio charged by asset administration firms on mutual fund merchandise, with a give attention to opening newer income streams for itself. In September 2021, IBHFL obtained the Competitors Fee of India’s nod for the deal.