Online investment platform Grow said Monday it had raised $251 million in a new funding round led by ICONIQ Growth and saw participation from existing investors Sequoia Capital and Tiger Global at a valuation of $3 billion.
Established in 2016, Grow lets Indian retail investors invest in Mutual Funds, Stocks, Exchange Traded Funds and Initial Public Offerings through its platform. The company has over 10 million customers.
“The financial services market in India is already large, rapidly growing, and poised for disruption,” Yunki Sul, partner, ICONIQ Growth, said in an emailed statement.
“Grow has demonstrated that they are ready to take advantage of that opportunity..(and) already have one of the leading investment platforms in India.”
The company said it will use the funds to add more financial products and services to its platform, and invest in financial education and spreading awareness.
Grow joins an ever-growing list of Indian startups that are doomed in 2021, with many companies entering the unicorn or $1 billion club.
Food delivery app Zomato, beauty startup Nykaa and hotel aggregator Oyo are among the high-profile names that are listed or debuting on domestic stock exchanges.