Gurugram-based fintech startup GroMo has raised $11 million in a 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.
The round also saw participation from other investors, including Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, and Hauz Khas Ventures, and angel investors including Kunal Shah (CRED), Niraj Singh (Spinny), Ramakant Sharma (Livspace), Alok Mittal (Indifi), Utsav Somani (iSeed, AngelList India), Ashish Sharma (Innoven), Abhishek Goyal (Tracxn), and Nitin Gupta (Uni Cards).
The fintech startup plans to utilize the raised 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 also plans to enter new business partnerships, especially with BFSI players (insurance companies, credit card companies, banks, stockbrokers, NBFCs, etc.), to help them expand the reach.
Founded in 2019 by IIT Delhi alumni, Ankit Khandelwal and Darpan Khurana, The startup has built a tech-enabled social commerce platform to help agents improve access to better financial products for consumers and also bridge the financial literacy gap by helping them choose the right offerings.
GroMo works as distributing a broad spectrum of 100+ financial products across insurance, investments, credit cards, loans, savings, and Demat accounts, etc from brands such as IDFC Bank, Jupiter Money, Axis Bank, Freecharge, etc.
It claims to have built a network of over 1.2 million agents on its platform.
Source @Indianstartupnews
