Wealthtech Company Groww Raises $251 Million in Series E Funding Round

India-based wealthtech company Groww has raised $251 million in a Series E funding round, boosting its valuation to $3 billion. 

The latest funding round was led by Iconiq Growth, with participation from Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, Propel Venture Partners, Alkeon, Lone Pine Capital and Steadfast.

According to the official press release, the company will utilise the new capital to build out its tech infrastructure and scale its team as it looks to expand its reach into underserved parts of the country. In addition, it also plans to continue making significant investments in improving the accessibility of its financial services.

​Founded in 2016, Groww claims to have more than 20 million users across the country. It’s platform allows users to invest mutual funds, futures, derivatives, stocks, and initial public offerings.