GroMo raises $11 million in Series A funding

7 Sep 2022 , 08:29 AM

SIG Venture Capital, the Asian venture capital branch of SIG, a worldwide proprietary trading and private equity investment business, led the $11 million Series A fundraising round for GroMo, a FinTech platform for the distribution of financial goods. Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, and Hauz Khas Ventures are a few other important investors.

Important angel investors including Kunal Shah (Cred), Niraj Singh (Spinny), Ramakant Sharma (Livspace), Alok Mittal (Indifi), Utsav Somani (iSeed, AngelList India), Ashish (Innoven), Abhishek Goyal (Tracxn), and Nitin Gupta have also contributed to the company’s finance (Uni Cards).

“We have ambitious plans to grow up the business dramatically in the future quarters by increasing our collaborations with financial institutions,” said Darpan Khurana, co-founder of GroMo. The long-term objective is to establish GroMo as the largest tech-enabled distribution platform in India and give 10 million or more agents access to the GroMo platform. In order to reward their dedication and efforts, we executed an ESOP repurchase in June of this year, realising that our workers are our most significant assets for growth.

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