Fintech platform GroMo raises $11 million in Series A led by SIG Venture Capital
Financial product distribution FinTech platform GroMo has raised $11 million in its Series A funding round led by SIG Venture Capital, the Asian venture capital arm of SIG, a global proprietary trading and private equity investment firm. Other key investors include Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, Hauz Khas Ventures.
The company has also received funding from prominent angel investors such as Kunal Shah (Cred), Niraj Singh (Spinny), Ramakant Sharma (Livspace), Alok Mittal (Indifi), Utsav Somani (iSeed, AngelList India), Ashish (Innoven), Abhishek Goyal ( Tracxn) and Nitin Gupta (Uni Cards).
Darpan Khurana, Co-Founder, GroMo, said, “We have aggressive plans to scale up the business significantly in the coming quarters by expanding our partnerships with financial institutions. The long-term goal is to become India’s largest technology-enabled distribution platform and enable 10M+ agents to earn on the GroMo platform. Recognizing that our employees are our most valuable assets for growth, we completed an ESOP buyback in June this year to reward their loyalty and contributions.”
Founded by two IIT Delhi alumni, Ankit Khandelwal and Darpan Khurana, GroMo has built a technology-enabled social commerce platform that helps agents not only improve access to better financial products for consumers, but also bridge the financial literacy gap by helping them by choosing the right offer. Currently, GroMo distributes a wide range of 100+ financial products across insurance, investments, credit cards, loans, savings and demat accounts, etc. from brands like IDFC Bank, Jupiter Money, Axis Bank, Freecharge, etc.
GroMo has built a network of 1.2 million agents on its platform. The team consists of over 80 members. The company plans to use the capital to scale up hiring across senior management in technology, product, marketing, business, category management and HR functions, with plans to double headcount over the next 6-12 months. It will also use the funding to forge new business partnerships, especially with BFSI players (Insurance Companies, Credit Card Companies, Banks, Stockbrokers, NBFCs, etc) to help them expand their reach.
Ankit Khandelwal, CEO & Co-Founder, GroMo said, “As per Sebi’s recent report, only 27 percent of India’s population is financially literate, underscoring the need for increased customer support, especially in Tier-2 and 3 cities and beyond. Our vision is to drive financial inclusion in underserved markets by bridging this gap through face-to-face interaction, hands on from our agents and after sales support.”
