Bengaluru-based online trading platform Groww on Saturday announced that Chairman and CEO of Microsoft Corporation Satya Nadella has joined the company as an investor and advisor.
“Groww gets one of the world’s best CEOs as an investor and advisor. Thrilled to have @satyanadella join us in our mission to make financial services accessible in India,” Groww Co-founder and CEO Lalit Keshre said in a Twitter post.
The startup has not disclosed financial details of the deal yet.
In October 2021, Groww raised $251 million (around Rs 1,885 crore) in a funding round led by Iconiq Growth, at a valuation of $3 billion. The Series E round also saw participation from investors like Alkeon, Lone Pine Capital and Steadfast. Groww’s existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners were also significant participants in the round.
According to the official statement, the company said it will invest capital to make financial services accessible and transparent to people in India. It also plans to continue making significant investments in spreading financial education and awareness.
In April last year, the startup raised $83 million in a Series D round, which valued the fast-growing startup at a valuation of more than $1 billion, making it an entrant to India’s unicorn club.
Founded in 2017 by four former Flipkart executives, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww offers investing in direct mutual funds, stocks, ETFs, and IPO for India’s growing retail investors. It has 20 million+ customers and 500+ team members currently. The startup is reportedly working to introduce several more asset classes for its users to invest.
Groww competes with the likes of Zerodha, Upstox, and Paytm Money among others. In November, Upstox crossed the billion-dollar valuation mark after raising $25 million from Tiger Global.
