BBVA-backed Propel Venture Partners has returned for a round that will help Groww add more asset classes to its online investment service.

Groww, an India-based operator of an online investment platform, has raised $30m in a series C round backed by Propel Venture Partners, the venture capital firm funded by financial services firm BBVA.

The round was led by YC Continuity, the investment vehicle for accelerator Y Combinator, and also attracted VC firms Sequoia India and Ribbit Capital.

Founded in 2017, Groww runs an online wealth management platform aimed primarily at first-time investors. It provides curated, themed lists of mutual funds and users can trade both Indian and US stocks as well as gold.

The series C funding has been allocated to expanding the company’s product offering into additional asset classes, in addition to bolstering its technology and supporting recruitment across its engineering, product and growth teams.

A portion of the series C funds will drive Groww’s financial education inititaive, Ab India Karega Invest, which features weekly webinars where chief executives and fund managers answer questions and help guide investors.

Groww had previously received $21.4m in series B financing from Ribbit Capital, Sequoia India and Y Combinator in September 2019, following a $6.2m series A round backed by Propel Venture Partners, Kauffman Fellows, Y Combinator and lead investor Sequoia India eight months earlier.

Insignia Venture Partners, Lightbridge Partners and Kairos Ventures had already supplied $1.6m in seed funding in July 2018.

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.