In India, currently, there are around 1.80 crore Systematic Investment Plan (SIP) accounts from which various investors make investments in mutual funds at regular intervals, as per the AMFI report. With the rising investments in mutual funds, startup Groww which provides a medium for investors to invest in mutual funds has recently raised an undisclosed amount of funding from Y Combinator and CureFit founders Mukesh Bansal and Ankit Nagori.
In 2016, Bengaluru-based startup Groww was launched by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal. The startup provides a platform through which investors can know what best mutual fund option they have for investment as well as start investing as SIP or the Lump-sum way. Besides investing it also helps in to keep a track of the investment and helps in investment decision making through their content and connections.
The startup currently offers its services through application-based software for Android users and claims to have over 5000 mutual funds in which investors can invest in without any paperwork. The platform is targeting 1 million users by the end of this year.
Lalit Keshre, Co-founder CEO, says, Our long-term vision is to build a modern financial services company out of India, accessible to everyone. That means anything that users get from a bank, should be able to get it faster and cheaper on Groww with ten times better user experience.
The investors Mukesh Bansal and Ankit Nagori founded CureFit has also raised $10 million debt funding for their startup from Axis Bank and HDFC Bank.