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Groww: Democratizing Access to Personal Investing Across India

Written by Yoonkee Sull, Greg Stanger, Roy Luo and Ryan Koh

In recent years, modern investing apps have become a magnet for experienced and first-time investors around the world who seek simplicity and transparency in investing their personal wealth. These new apps circumvent the expensive, cumbersome and confusing approaches that for years have kept many consumers out of personal investing. Indeed, we at ICONIQ Growth have been excited about the opportunity to help make investing accessible to more people and have partnered with companies such as Robinhood in the US, Wealthsimple in Canada, and Ajaib in Indonesia in support of that goal.

We are thrilled about our new partnership with Groww, a leading platform for mutual fund and stock investing with a mission to democratize access to the financial markets for the mass affluent in India. When we first met with Groww’s co-founder and CEO Lalit Keshre, we were immediately struck by his thoughtful and customer-centric approach to building and delivering delightful user experiences. Each time we dove into product discussions, it became increasingly clear that Lalit and the team take immense pride in their relentless efforts to reduce friction at every interaction with the customer, starting at the initial sign-up. We believe Groww’s incredible growth to date — particularly the fact that 60%+ of its new customers are first-time investors — speaks to the quality of what they have built so far.

Yet for all of their rapid success, we believe Groww is still in its earliest days. Access to stock ownership in India is dramatically lacking. In fact, only 4% of India’s population invests in equities today compared to 13% in China and 55% in the US, and we believe this represents significant headroom. We look forward to working closely with the Groww team as they develop the platform we believe will empower increasingly more people in India to compound long-term wealth.

Further, we believe there are significant opportunities to redefine financial services in several areas outside of Groww’s core offering, including banking, credit, asset management, and potentially other asset classes. One of our global theses at ICONIQ Growth is that personal investing provides a low-friction gateway for financial platforms to acquire customers and often serves as the highest engagement product. We also believe that people look to their primary investing platforms as one of their most trusted partners in financial services as they accumulate wealth and their needs evolve.

We think these factors, in combination with the incredible strength of Groww’s product and technology teams, provide a unique opportunity for the company to meaningfully expand and deepen their relationship with customers. As millions more consumers in India invest with Groww over time, we are excited to support the team’s ambition to build out its product suite and become the central hub for their customers’ money management needs.

ICONIQ Growth looks forward to embarking on what we believe will be a fulfilling journey ahead with the entire team at Groww. We previously worked with the founders Lalit, Ishan Bansal, Harsh Jain, and Neeraj Singh at Flipkart, which defined the foundation of e-commerce in India. We are honored to join them again as Groww begins to define another significant part of the Indian economy.

Read more on the announcement here.



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