GroMo, a fintech platform has raised $11 million in Series A funding round led by SIG Venture Capital along with the participation of Y-Combinator, Beyond Next Ventures, Das Capital, Goodwater Capital, Soma Capital, Ace & Company, and Hauz Khas Ventures. This would be the first institutional round for the company.
Marquee investors such as Kunal Shah, Niraj Singh, Ramakant Sharma, Alok Mittal, Utsav Somani, Ashish, Abhishek Goyal and Nitin Gupta also joined the new round.
The Fresh fund utilised to build technology, expand the business team, bring new financial institutions on board and reach over 15,000 pin codes in India.
Founded in 2019 by Abhishek Sharma, Ankit Khandelwal, Arpit Khandelwal, and Darpan Khurana, GroMo has the vision to provide access to financial products such as Loans, Insurance, and Investments, to the underserved and unpenetrated Tier 2 cities and beyond, what they call The Real Bharat, through a disruptive digitally enabled social commerce model.
At present, the company works with banks like IndusInd Bank, IDFC Bank, Axis bank, Freecharge, Jupiter money, and fintech companies including Paytm Money, Cherry (By Kotak), Bajaj Securities, and Edelweiss among others. GroMo also received an insurance broking licence for the distribution of general and life insurance from the regulator: IRDAI, mentioning the company in the statement.