From the 1.3 billion people living in India, there are only 100 million of whom use digital payment app each day. From that number, there is only 20 million invest in mutual funds and stocks. Therefore, Groww, India’s investment app that specifically targets millennials, gains high popularity in the country.
Groww is currently trying to increase that figure by courting India’s high number of millennials. Especially, those who have just received big banking.
Groww
Groww allows users to invest in mutual funds, including systematic investment planning (SIP) and equity-linked savings. besides, trough its app, the platform also offers a very simple user interface.
Consequently, the platform gives easier ways for the millennial customer base to comprehend the investment world. What millennials love more is that simple app also provides every fund that is currently available in India.
Launched in 2017, Groww is originally from Bangalore, the capital of the Indian state of Karnataka.
The investment app has just raised around $29 million up to today. With the fund, it aims to accelerate its growth.
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Groww specifically plans to double Groww’s headcount to 200 in the coming months, according to Lalit Keshre, its co-founder and CEO.
Today, Groww has gained about 2.5 million registered users. While two-thirds of that number is the first time investors.
Currently, Groww application is free to use, it does not charge a commission on the transactions made by the users. However, in the near future, it plans to offer a paid service in order to monetize its user base.
Other than the paid service, Groww will also begin to offer the ability to purchase stocks from its eponymous app, soon.
Recently, India witnesses a growing number of startups that offer wealth management platforms, like INDWealth and Cube Wealth. These startups target the country growing internet population.
Besides those startups, India also has established financial firms, like Paytm. Paytm has also expanded its offering to include investment in mutual funds recently.
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