Bengaluru-based wealth management platform, Groww on Thursday said that in its Series C funding round it had raised $30 million, led by Y Combinator’s growth stage fund, YC Continuity. The round also saw some participation from its existing investors Sequoia India, Ribbit Capital and Propel Ventures.
It is the first investment of YC Continuity in India, as YC Continuity is a fund which invests in Y Combinator-backed startups for helping them to scale up in their subsequent rounds. Y Combinator is an American seed investor, and YC Continuity is a separate entity within its parent YC which invests in growth phase startups.
Groww in a press release said that the funds raised in its Series C round would be used to strengthen the company’s technology infrastructure and to hire top talent across engineering, product and growth. It also wants to pump some part of the funds raised in an educational initiative across India to increase pan-India literacy about financial markets.
“We started our journey writing blogs and making videos to educate people about investing. Our wealth as a nation will keep growing, and our mission is to provide the best experience to investors to manage their wealth,” said Lalit Keshre, CEO of Groww. YCombinator will help the company to accelerate towards its stated business goals, just as the same way it has helped to shape the early part of Groww’s journey, he added.