Bengaluru-based fintech startup Groww has raised $21.4 million in its Series B funding round, led by Silicon Valley-based venture capital firm Ribbit Capital.
The round also saw participation from existing investors like US-based seed investor accelerator Y Combinator and venture capital firm Sequoia Capital India, Groww said in a statement on Thursday.
The startup will use the funds to hire talent across engineering, product and growth teams.
"We backed the Groww team because we believe in their mission. They have built the most trusted product in this space and are on the path to create a category-defining product," said Micky Malka, founder, Ribbit Capital.
Earlier this year, the online wealth management platform raised $6.2 million in a Series A round led by Sequoia, Y Combinator, early-stage investment firm Propel Venture Partners and Kauffman Fellows, an organisation that runs a fellowship for entrepreneurs.
Launched in 2016 by four ex-Flipkart colleagues Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww with their simplified, online investment platform realised a market out of Indian millennials, a crowd that is otherwise not enamoured by the investment business. Groww claims to have more than 2.5 million registered users.
Other deals in the sector:
INDWealth, a wealth management platform owned by Gurugram-based Finzoom Investment Advisors, raised $15 million from New York-headquartered hedge fund Tiger Global Management. The platform is founded by Ashish Kashyap, who earlier founded online travel services provider Ibibo Group.
Scripbox Advisors, which operates an eponymous online investment platform, raised $21.7 million in a fresh funding round from new and existing investors.
Wealth management app CashRich, owned by Thane-based CR Fintech, raised angel funding worth $1 million from three undisclosed UK-based individuals.
Bengaluru-based online financial planning and investment platform Kuvera raised $4.5 million in Series A funding from Eight Roads, the proprietary investment arm of Fidelity International.