Fintech firm GroMo raises $11 mn in Series A funding round led by SIG Venture Capital

• ByStartupStory     |    September 6, 2022

Fintech platform based in Gurugram GroMo, a platform for distribution of financial products, has raised $11 million in its Series A round of funding led by SIG Venture Capital, the Asian venture capital arm of SIG—a global proprietary trading and private equity investment firm. 

Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, and Hauz Khas Ventures are a few of the other important financiers. Additionally, the business has secured funding from angel investors such as Niraj Singh (Spinny), Ashish Sharma (Innoven), Ashish Sharma (Livspace), Alok Mittal (Indifi), Utsav Somani (iSeed, AngelList India), Abhishek Goyal (Tracxn), and Nitin Gupta (Uni Cards).

The business stated that it intends to use the funds to hire more senior management across the technology, product, marketing, business, category management, and HR divisions in order to double headcount over the next six to twelve months. In order to enable BFSI players (insurance companies, credit card companies, banks, stockbrokers, NBFCs, etc.) increase their reach, it will also ustilse the funding to enter fresh business partnerships, mainly with BFSI players (insurance companies, credit card companies, banks, stockbrokers, NBFCs, etc) to help them in expanding their reach.

“As per SEBI’s recent report, only 27% of India’s population is financially literate, which highlights the need for increased customer support, especially in Tier II, III cities and beyond. Our vision is to drive financial inclusion in underserved markets by bridging this gap through face-to-face interaction, hand-holding by our agents, and after-sales support. Any financial brand can expand its customer acquisition footprint through our base of trained agents who are able to earn significant income by leveraging their social network.”  said Ankit Khandelwal, CEO and Co-founder, GroMo. 

It is worth noting that the Gurugram based platform GroMo works as distributing a broad spectrum of 100+ financial products across insurance, investments, credit cards, loans, savings, and Demat accounts, etc from brands such as IDFC Bank, Jupiter Money, Axis Bank, Freecharge, etc. 

About GroMo

Founded by IIT Delhi alumni, Ankit Khandelwal and Darpan Khurana in 2019, GrowMo aims to make the financial products reach the real “Bharat”. GroMo envisions to achieve this by empowering lakhs of micro-entrepreneurs, helping them make a handsome income by referring financial products in their network.

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