Groww raises $1.6 million in pre-series A funding

Investment platform Groww has raised $1.6 million in a pre-Series A funding round from Insigna Ventures Partners, Lightbridge Partners, Kairos and others.

The company will use the funds to strengthen its technology further and build scalable growth channels.

Launched in April 2017, Groww allows users to directly invest in mutual funds through a mobile app and web platform.

"We challenge ourselves every day with how to keep Groww simple for new investors, while adding more products and functionalities. Our long-term goal is to make anything related to finance extremely simple and transparent for users while providing them the best user experience," said  Lalit Keshre, co-founder and CEO, Groww.

Groww was started in April 2017 by ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal.

"Groww is the right idea, at the right time, to enable and empower a new generation of investors in India to build their financial future at a younger age, and we're excited to be on the ground floor of this sea change," said Tan Yinglan, founding managing partner, Insignia Venture Partners.

"The Groww team is doing a great job building a trusted relationship with customers with its simple and convenient product offering. Over time it’s not hard to imagine that Groww will layer on more products and services to become the Amazon of Financial Services," Yinglan said.