Gurugram based fintech startup GroMo raises Rs 4 Crore in a seed funding round

Key Highlights

GroMo has raised Rs. 4 Crores in it’s its seed funding from Livspace.

GroMo soon to offer investments and insurance products to its customers.

The Gurugram startup is stepping forward to partner with financial institutions that are in a desire to extend their reach to Tier II cities.

Social Contact startup GroMo raised its seed funding of Rs. 4 Crores from Livspace cofounder Ramakant Sharma, along with Utsav Somani, Partner, AngelList India, and other angel investors. The startup now has a team of 15 peoples and is looking to enhance its team to 40 by the year-end.

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GroMo is planning to use raised funds in strengthening its operations and core technology team. Gurugram based GroMo came into action February this year and is founded by IIT Delhi graduates  Co-founder and CEO Ankit Khandelwal and its juniors and cousins Ankit Khandelwal and Darpan Khurana. Prior to initiation of GroMo Ankit was Chief Operating Officer at Unicommerce, a SaaS e-commerce company that was acquired by Snapdeal in 2015. Arpit was the Co-founder of DezignUp, a design community, and a marketplace which was later on equipped by Livspace in 2015 and Darpan was Director, Strategy, and Investments, at Snapdeal.

GroMo is a tech-enabled social commerce platform that is focused to assist customers in getting access to financial products including loans, investments, and insurances to the underserved Tier 2 cities in India through GroMo partners. It also assists property dealers, students, CAs, Travel Agents in generating additional income for themselves by partnering with the company and leverages their social network via WhatsApp, Facebook, Sharechat, etc to sell their financial products.

GroMo has launched its services in Ajmer and Jaipur and has onboarded 500 partners on its platform and is focused to expand its services in more cities. The company is also planning to offer investments and insurance products too to its customers.

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Ankit Khandelwal, co-founder, and chief executive officer of GroMo said, “India on comparison to the world recently witnesses the lowest adoption level of financial products. It can be seen there is a lack of trust and understanding the folks of tier 2 cities. These markets could be used as a platform for the fin-tech industry.” He also added we can enhance the use of financial products in small towns by crafting a social commerce platform to sell financial products.

The Gurugram based startup is also stepping forward to partner with financial institutions that are in a desire to extend their reach to “Tier II and beyond cities”. GroMo Co-founder Darpan said, “We will be using the huge network of our investors to on-board lending institutions on our platform.

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