Microsoft CEO Satya Nadella has invested in Groww, a fintech firm. The CEO of Groww announced on Twitter that Mr. Nadella is on board with the firm as an investor and advisor.
Groww has raised funding in two rounds in the year 2021. They first raised 83 million dollars in April 2021 at a valuation of over one billion dollars. Later in October 2021, the startup raised 251 million dollars in a Series E funding round. The company tripled its valuation to almost 3 billion dollars.
Customers in India, have shown a steep interest in online mutual fund investment and stockbroking landscape since the beginning of the pandemic. Indians started investing and started to save more in mutual funds, and also many tried their luck at making money from the stock markets’ highs and lows, keeping in mind job losses during the pandemic.
Groww attracted lots of global investors with their recent retail investor interest which was seen in their initial public offering for a growing user base. With Mr. Nadella joining the company, they will for sure see growth in their user end.
Founded in 2016, the company enables retail investors to access financial products, and services through the web and mobile. It helps users invest in stocks, mutual funds, exchange-traded funds, IPO’s, US stocks, and gold. The app has over 20 million users. The CEO has said that the company plans to reach under-penetrated geographies, strengthen its team, and scale tech infrastructure. They are looking to add government bonds and other fixed-income products to its portal. They soon will launch derivatives.
The company is yet to reveal details regarding the financial part of Satya Nadella’s induction. It is also not very clear if Mr. Nadella has invested in any other startups in the Indian firms, none of it appears to be publicly disclosed.
