Groww, an Indian startup helping millennial generation invest in investment trusts and equities, said a new round of funding with a $ 3 billion valuation, according to six people familiar with the matter. We are in the advanced stage of negotiations to procure.
Bangalore-based startups are negotiating to close the $ 250 million round, people said, demanding anonymity because the problem is private. They said the round could end within a few weeks.
Normal warnings apply: Transaction terms are subject to change. The startup recently received several term sheets with similar terms. People said Tiger Global, Coatue, and TCV had conversations to lead or co-lead the round. And many, including Insight Partners, are also looking for investments, people said.
A Coatue spokesman declined to comment. Groww’s CEO did not respond to requests for comment. Indian news agency CapTable First reported About Groww’s upcoming funding round.
Groww is entering a huge market. In India, more than 200 million people trade money digitally, but less than 30 million invest in investment trusts and stocks. The startup allows users to invest in investment trusts such as systematic investment plans (SIPs), stock-linked savings, gold, and stocks listed on US exchanges. The app currently offers all the funds available in India.
Groww has shown increasing or doubling investor backlash following strong growth over the months. Indian start-ups are currently set to record about $ 35 million in ARR, the two said.Grow, who counts Tiger Global and Sequoia Capital India as existing investors Equivalent to $ 1 billion in April This year and $ 250 million last September..
Startups are also looking to expand into crypto space internally, but haven’t made a firm decision as to when they plan to offer such transactions, one said.
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