NEW DELHHI: Digital firm Groww on Monday said it has raised USD 251 million (around Rs 1,885 crore) in a funding round led by Iconiq Growth, at a valuation of USD 3 billion.
The series E funding round also saw participation from investors like Alkeon, Lone Pine Capital and Steadfast.
Groww's existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture also participated.
"The financial services market in India is already large, growing rapidly, and ripe for disruption. During the last couple of years, Groww has demonstrated that they are ready to seize that opportunity. We are excited to participate in the company's vision to be the primary financial platform for Indian consumers," Iconiq Growth partner Yoonkee Sull said.
Groww offers investing in direct mutual funds, stocks, ETFs and IPO for retail investors.
"Groww plans to extend its reach to the under-penetrated geographies, strengthen the team and scale tech infrastructure. The company also plans to continue making significant investments in spreading financial education and awareness," the company said in a statement.