Gurgoan-based fintech startup GroMo has raised $11 million in a series A round of funding, led by SIG Venture Capital. The funding round also saw participation from Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company and Hauz Khas Ventures.
GroMo was founded by two IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, with the aim to provide financial product solutions to tier 2-3 cities of the country through its network of over 1.2 million agents.
With the latest cash injection, the company will utilise the funding to hire more senior management personnel across technology, product, marketing, business, category management and HR functions. The company also plans to double its headcount in the next year, currently having 80+ staff members.
“Our vision is to drive financial inclusion in underserved markets by bridging this gap through face-to-face interaction, hand-holding by our agents, and after-sales support. Any financial brand can expand their customer acquisition footprint through our base of trained agents who are able to earn significant income by leveraging their social network,” said Ankit Khandelwal, CEO & co-founder, GroMo.
GroMo has curated a bludgeoning client list including brands such as IDFC Bank, Jupiter Money, Axis Bank, Freecharge, etc.
Darpan Khurana, Co-founder, GroMo said, “The long-term goal is to become India's largest tech-enabled distribution platform and enable 10 million+ agents to earn from the GroMo platform. “
The company has also received funding from prominent angel investors like 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 (Uni Cards).