GroMo raises $11 million in Series A round of funding that was led by SIG Venture Capital

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Fintech platform that is based within Gurugram GroMo, a platform that allows for the distribution of financial products was able to secure $11 million through the Series A round financing that was led by SIG Venture Capital which is SIG Venture Capital, the Asian venture capital division of SIG, which is a global private equity and proprietary trading investment company.

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

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The company stated that it will make use of the funds to recruit more top-level managers across its product, technology marketing, business, category management and HR divisions in order to increase headcount by a third in during the next 6 to 12 months. In order to help BFSI participants (insurance companies as well as banks, credit card companies and stockbrokers, NBFCs, etc.) to expand their reach, the program will also provide the funds to create new business alliances, mostly together with BFSI participants (insurance companies and banks, credit card companies and stockbrokers, NBFCs, etc.) to assist to expand their reach.

“As as per the SEBI’s most recent report that just 27% of the population in India is financially literate. This emphasizes the need for greater customer service, particularly in Tier II cities, III cities, and even beyond. Our mission is to increase financial inclusion in the underserved areas by bridging the gap by providing interactions with customers in person, the hand-holding of our agents, and post-sales assistance. Any financial institution can increase its customer acquisition capabilities by using our trained agents who can make significant money by using their social networks.” explained Ankit Khandelwal Co-founder and CEO, GroMo.

It is important to note that GroMo is a Gurugram platform GroMo is a distribution platform that offers the full range of financial products that span 100+ including investments, insurance credit cards, loans savings and Demat accounts, among others. These include brands like IDFC Bank, Jupiter Money, Axis Bank, Freecharge and many more.

Created by IIT Delhi alumni, Ankit Khandelwal and Darpan Khurana in January of 2019, GrowMo aims to make the financial products accessible to the actual “Bharat”. GroMo hopes to accomplish this through empowering thousands of micro-entrepreneurs to earn a substantial income the referral of financial products to their networks.

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