The rise of the FinTech industry in India has given millions of people access to a lucrative market. The growth of financial literacy amongst the younger people of India has allowed them to invest for better days ahead. While there are a plethora of mobile applications available and the competition is tense, Groww is a pioneering application that has succeeded against all odds.
Groww was started by four ex-employees of Flipkart who decided to apply their expertise in a growing industry that looks to empower millions of people. Lalit Keshre, the CEO of Groww, was the first one to come up with the idea of a financial app that provided convenience in availing financial products and services in India. He and his friends Harsh Jain, Neeraj Singh, and Ishan Bansal worked together to form Groww, an online platform that excels in direct mutual fund distribution.
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The inception of Groww took place at a time when the FinTech market was still growing and the consumer base was not as vast and diverse. Only 3 percent of the population was interested in investing their assets in equities. Furthermore, the lack of trust in online platforms, specifically for mutual fund investments, is what kept the majority of people from investing. Keshre, the CEO, talks about how the shift from traditional assets to advanced financial assets was in progress, but the void of trusted online platforms that lacked one thing or the other did not do anything to address the concerns of those looking to invest.
Keshre’s worthwhile experience allowed him to mitigate the myriad of risks that otherwise come with online financial applications. His vision allowed him to conceive Groww as a digital platform that made the process of investment incredibly convenient, efficient, and transparent. The amount of effort that went into the development and security of the platform is what gravitates users towards it, as Groww’s UI is very easy to navigate through.
Today, Groww has moved on from being just a mutual funds platform to a more comprehensive application that provides a myriad of investment opportunities. It caters to the needs of a diverse consumer base, offering the option of investing in stocks, IPOs, ETFs, NFOs, US equities, and much more.
The inevitable success of Groww has also allowed the consumer base to multiply, as it houses more than 1.5 crore users across a staggering 900 cities in India. What helps the success of Groww is that it keeps no commission when investing in direct mutual funds and has one of the lowest brokerage prices when it comes to investing in stocks.
Keshre is hellbent on implementing the idea of democratizing investing in India, where more and more people are getting accustomed to the idea of financial literacy and investing. Groww is a Unicorn company and is only subject to staggering growth, as it has been able to tap into the middle-class demographic and acquire a new set of customers altogether. Moreover, it has empowered millions of young Indians by allowing them to tread on the path of financial independence, which only confirms the fact that Groww is here to stay.
