Fintech unicorn Groww to expand market for digital investing

[Image: Shutterstock]

Fintech unicorn Groww is planning to expand the market for digital investing along with it's educational initiative, Groww Academy in the coming days.

The company aims to launch derivative investing, futures, and options trading and also aims to help users invest in government bonds, securities, and US stocks, Mint reported, adding that the company plans to double its team size to almost 1,000 by April 2022.

Moneycontrol could not independently verify the report.

Harsh Jain, Co-founder and Chief Operating Officer of Groww, believes that broking in 2021 is not only about giving investors a platform to invest but also providing them educational resources so that they can understand the world of investing and are empowered enough to make their own decisions.

“Many millennial investors are coming to the market today, and two distinct user behaviours make them different. Firstly, they don’t like to be sold financial products. They rely far more on their own research than what a relationship manager would advise them. Secondly, there is a huge gap between people who can invest and who are actually investing in India. Therefore, I believe that there is huge scope in the broking industry,” said Jain.

According to industry estimates, Bengaluru-based startup, which launched broking operations in May 2020, already has around nine lakh active client accounts, with around 1.5 lakh additions every month, on average. It recently attained a unicorn status after it raised $83 million in a Series D funding round last month.

It is backed by fintech investor Ribbit Capital, YC Continuity Fund, and Propel Ventures along with Tiger Global and Sequoia, the report added.