The Series A round was led by SIG Venture Capital, with participation from Y Combinator, Das Capital, others
The fintech startup last raised $576.7K in its seed funding back in 2019
GroMo works with more than 1.2 Mn agents across the country to sell more than 100 financial products such as insurance and credit cards
Gurugram-based fintech product distribution platform GroMo has raised $11 Mn in a Series A round of funding led by SIG Venture Capital. Y Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company and Hauz Khas Ventures also have taken part in this investment round.
Besides, 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 (Uni Cards) were also part of the funding round.
The fintech startup last raised $576.7K in its seed funding back in 2019.
GroMo plans to use the funding to hire across senior management in technology, product, marketing, business, category management and HR verticals. The fintech is looking to double its workforce over the next 3-4 quarters. Further, the Gurugram-based startup is looking to enter into new partnerships with BFSI players to expand its reach.
Founded by Ankit Khandelwal and Darpan Khurana in 2019, GroMo works with more than 1.2 Mn agents across the country to sell more than 100 financial products such as insurance and credit cards. The fintech startup works with the agents as partners and the agents earn a commission on the products sold.
It has built a social commerce platform that helps agents not only improve access to better financial products for consumers but also bridge the financial literacy gap by helping them choose the right offerings. GroMo counts the likes of IDFC Bank, Jupiter Money, Axis Bank and Freecharge among its partners.
Recently, the fintech startup received an Insurance Broking License (General & Life) from the Insurance Regulatory and Development Authority of India (IRDAI).
Speaking on the development, Khandelwal said, “Our vision is to drive financial inclusion in underserved markets by bridging this gap through face-to-face interaction, handholding by our agents, and after-sales support. Any financial brand can expand its customer acquisition footprint through our base of trained agents who are able to earn significant income by leveraging their social network.”
Khurana added, “The long-term goal is to become India’s largest tech-enabled distribution platform and enable 10 Mn+ agents to earn from the GroMo platform. Recognizing that our employees are our most valuable asset to grow, we completed an ESOP buyback in June of this year to reward their loyalty and contributions.”
According to Inc42’s ‘State Of Indian Fintech Report, Q2 2022’, India’s total fintech market opportunity is expected to reach $1.3 Tn by 2025, with insurtech the fastest-growing segment within fintech.
India’s insurtech opportunity accounts for 26% of the total fintech opportunity by 2025 or $339 Bn, driven by high demand and low insurance penetration.