Fintech platform GroMo raises $11mn in series A led by SIG Venture Capital

Other investors include Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, Hauz Khas Ventures and a host of angels

FinTech platform for distribution of financial products, GroMo, has raised $11 million in its Series A funding round led by SIG Venture Capital, the Asian venture capital arm of SIG, a global proprietary trading and private equity investment firm. Other key investors include Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, Hauz Khas Ventures.

The company has also received funding from prominent angel investors like Kunal Shah (Cred), Niraj Singh (Spinny), Ramakant Sharma (Livspace), Alok Mittal (Indifi), Utsav Somani (iSeed, AngelList India), Ashish (Innoven), Abhishek Goyal (Tracxn) and Nitin Gupta (Uni Cards).

Darpan Khurana, Co-Founder, GroMo, said, “We have aggressive plans to scale up the business significantly in the coming few quarters by expanding our partnerships with financial institutions. The long-term goal is to become India's largest tech-enabled distribution platform and enable 10M+ agents to earn from the GroMo platform. Recognising that our employees are our most valuable assets to grow, we completed an ESOP buyback in June this year to reward their loyalty and contributions.”

Founded by two IIT Delhi alumni, Ankit Khandelwal and Darpan Khurana, GroMo has built a tech-enabled social commerce platform that helps agents not only improve access to better financial products for consumers, but also bridge the financial literacy gap by helping them choose the right offerings. Currently, GroMo is distributing a broad spectrum of 100+ financial products across Insurance, Investments, Credit Cards, Loans, Saving & Demat accounts, etc. from brands such as IDFC Bank, Jupiter Money, Axis Bank, Freecharge, etc.

GroMo has built a network of 1.2 million agents on its platform. The team is 80-plus members strong. The company plans to utilise the capital to scale up hiring across senior management in technology, product, marketing, business, category management and HR functions, with plans to double the headcount in the coming 6-12 months. It will also use the funding to enter new business partnerships, especially with BFSI players (Insurance companies, Credit Card companies, Banks, Stockbrokers, NBFCs, etc) to help them expand their reach.

Ankit Khandelwal, CEO & Co-Founder, GroMo said, “Accoriding to Sebi’s recent report, only 27 per cent of India’s population is financially literate, which highlights the need for increased customer support, especially in Tier-2 and 3 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.”