Groww, an Indian startup that helps millennials invest in mutual funds and stocks, is at advanced stages of talks to raise a new round of funding at a valuation of $ 3 billion, according to six people familiar with the matter. .
The Bangalore-based startup is negotiating the close of a $ 250 million funding round, the people said, asking for anonymity as the case is private. The cycle could end in a few weeks, they said.
The usual caveats apply: terms of the agreement may change. The startup has received several termsheets – with similar terms – in recent days. Tiger Global, Coatue and TCV have had conversations to lead or co-lead the cycle, people said. And many, including Insight Partners, have also explored investing, the people said.
A Coatue spokesperson declined to comment. The CEO of Groww did not respond to a request for comment. Indian media outlet CapTable first reported on Groww’s next fundraising round.
Groww taps into a huge market. Over 200 million people in India transact money digitally, but less than 30 million invest in mutual funds and stocks. The startup allows users to invest in mutual funds, including systematic investment planning (SIP) and savings linked to stocks, gold, as well as stocks, including those listed on stock exchanges. American. The app offers all funds currently available in India.
The growing push by investors to support – or double – Groww follows several months of strong growth. The Indian startup is currently on track to reach around $ 35 million in ARR, two people briefed on the figure said. Groww, which counts Tiger Global and Sequoia Capital India among its existing investors, was valued at $ 1 billion in April this year and $ 250 million last September.
The startup is also internally exploring expansion in the crypto space, but has not made a firm decision as to when it plans to offer such a trade, one person said.
The new investment talks – and the proposed valuation increase – also illustrate the level of enthusiasm Indian startups have generated in recent quarters. More than two dozen startups in India have become unicorns this year, up from 11 last year.
And this list continues to grow. Indian esports company Mobile Premier League said on Wednesday it had raised new funds at a valuation of $ 2.3 billion. And Apna – which helps low-skilled workers learn and find new opportunities – and crypto trading app CoinSwitch Kuber are also in talks to lift new unicorn valuation cycles, TechCrunch previously reported.