Groww introduces payments through UPI

By Morningstar |  08-05-19 | 
 

Investing platform Groww has introduced payments through UPI with multiple options to pay like Google Pay, BHIM, Phone Pe, PayZapp and Whatsapp. This is expected to make investing in mutual funds easier, more transparent and faster.

Groww currently offers direct mutual fund investment plans and will soon roll out stocks. Groww focuses on millennial investors and has over 2 million users with close to 5 lakh new users being added every month, 75% of which are first time investors, said the release.

Groww has no subscription charges, transaction charges or any other hidden charges and is 100% paperless. The company has seen a 50% month-on-month growth in number of transactions since it went Direct last April. Groww offers all mutual funds from 34 leading fund houses.

To educate and help new investors, Groww has built communities where experts answer all the questions before and after they invest.

Groww started operations in April 2017 and is founded by ex-Flipkart employees with rich experience in technology, finance and e-commerce. The company has recently raised $6.2mn in Series A funding led by Sequoia Capital and $1.6 mn in pre-series A round of funding from Insignia Ventures Partners, Lightbridge Partners, Kairos and others. The startup has been recognized by BSE for one of the "highest transaction in mutual funds" on a platform.

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