Satya Nadella invests in Indian fintech Platform Groww
By MYBRANDBOOK
India's online trading platform Groww announced on Saturday that Chairman and CEO of Microsoft Corporation Satya Nadella has joined the company as an investor and advisor.
Groww CEO Lalit Keshre said: "Groww gets one of the world's best CEOs as an investor and advisor." "Thrilled to have @satyanadella join us in our mission to make financial services accessible in India," he said on his tweet.
This comes a few months after the company raised $251 million at a valuation of $3 billion, led by ICONIQ Growth and other investors, including Alkeon, Lone Pine Capital and Steadfast.
Groww has a capsule of investors include Sequoia Capital, Ribbit Capital, Y Combinator, Tiger Global and Iconiq Growth. It competes with the likes of Zerodha, Upstox, and Paytm Money, as a stockbroking platform for retail traders.
Groww allows users to invest across direct mutual funds, exchange-traded funds (ETFs), stocks and IPOs. The online investment platform in May last year had announced to acquire Indiabulls Mutual Fund for Rs 175 crore.
In October last year, Groww had raised $251 million led by Iconiq Growth, at a valuation of nearly $3 billion. The round also saw participation from investors like Alkeon, Lone Pine Capital and Steadfast.
Started in 2016, Groww enables Indian retail investors to invest in direct mutual funds, stocks, ETFs and IPO. Groww plans to extend its reach to the under-penetrated geographies, strengthen the team and scale tech infrastructure. The company also plans to continue making significant investments in spreading financial education and awareness.
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