Online investment platform Groww said on Monday it had raised $251 million in a new funding round that was led by ICONIQ Growth and saw participation of existing investors Sequoia Capital and Tiger Global, at a valuation of $3 billion.
Founded in 2016, Groww lets Indian retail investors invest in mutual funds, stocks, exchange traded funds and initial public offerings through its platform. The company has more than 10 million customers.
"The financial services market in India is already large, growing rapidly, and ripe for disruption," Yoonkee Sull, partner at ICONIQ Growth, said in an emailed statement.
"Groww has demonstrated that they are ready to seize that opportunity..(and) is already amongst 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 make investments in spreading financial education and awareness.
Groww joins an ever-growing list of Indian startups that have been on a tear in 2021, with several 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 have listed or are pursuing a debut on domestic stock exchanges.