BBVA-backed fintech firm invests in Indian mutual fund platform Groww

Groww, an India-based Y Combinator backed investment platform, has raised a $6.2M Series A funding round from Propel Venture Partners, a fintech investment firm backed by Spanish banking group, BBVA.


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According to data from Crunchbase, Groww previously raised a $1.6M Series Seed funding round in July 2018. The firm provides opportunities to invest in a wide range of mutual funds. On Groww, investors can filter mutual funds based on risk, categories, fund size, and minimum investment size. There are over 5,000 mutual fund products provided by 34 mutual fund houses offered through Groww's platform.

"In a very short period of time, the team has proven their ability to deliver a beautiful customer experience," said Greg Thome, an investment partner at Propel Venture Partners. "Since launching its investment product in 2017, Groww has been among the fastest growing companies we have encountered globally, without compromising on efficient customer acquisition."

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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