Groww: SEBI Approval & Mutual Fund Expansion Drive
Groww's Founding and Expansion:
Groww's Founding and Expansion:
Founded in 2017 by former Flipkart employees, Groww simplifies investment for individuals in India, expanding from mutual funds to stocks, digital gold, ETFs, intraday trading, and IPOs.
Funding and Valuation:
Funding and Valuation:
Raised significant capital from investors including ICONIQ Growth, Tiger Global Management, Sequoia Capital India, Ribbit Capital, and others, with a valuation of $3 billion as of October 2021.
SEBI Approval for Nifty Non-Cyclical Consumer Index Fund:
SEBI Approval for Nifty Non-Cyclical Consumer Index Fund:
Secured approval to launch India’s first Nifty non-cyclical consumer index fund, aligning with the Nifty Non-Cyclical Consumer Index.
Strategic Moves in Mutual Funds Arena:
Strategic Moves in Mutual Funds Arena:
Ventured into the mutual funds arena, acquiring Indiabulls Housing Finance's mutual fund business and introducing new mutual fund schemes.
Latest New Fund Offering (NFO):
Latest New Fund Offering (NFO):
Launched a new fund offering, enhancing its product lineup and competing with rivals like Zerodha.
Innovative "Super App" Aspirations:
Innovative "Super App" Aspirations:
Focuses on becoming a "Super App" by expanding product offerings, achieving profitability in FY23, and broadening services from personal loans to UPI payments.
Financial Performance:
Financial Performance:
Recorded a significant increase in operating revenue and achieved profitability in FY23, highlighting strong financial performance and market positioning.
Future Outlook and Industry Impact:
Future Outlook and Industry Impact:
Positioned for continued success in India's evolving fintech landscape, with strategic moves into mutual funds and innovative product expansions.
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