INSUBCONTINENT EXCLUSIVE:
Online direct mutual funds investment platform Groww is in talks with Sequoia Capital to raise around $6 million (about Rs 42.5 crore),
according to two people in the know of the matter
The Bengaluru-based startup, which was founded by former Flipkart employees, is planning to raise the funds as part of its series-A round
condition of anonymity.
Queries emailed by ET to Groww and Sequoia Capital did not elicit any response till press time on Thursday.
Groww
was founded by Harsh Jain, Lalit Keshre, Neeraj Singh and Ishan Bansal, and it started operations in 2017
customers to select funds themselves and invest directly, thereby helping them save on fees charged by indirect platforms
only through platforms that are accessible and easy to use.
Y Combinator-backed Groww had raised $1.6 million in a pre-series A round
earlier this year from Insignia Ventures Partners, Lightbridge Partners and Kairos, with participation from Mukesh Bansal and Ankit
Nagori.
ET had reported on November 28 that Sequoia Capital has invested in other fintech firms such as Smallcase and Turtlemint
The American venture capital firm has been expanding its presence in the fintech segment with these investments and could be dipping into
the $695 million fund that it had raised earlier this year.
