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IIT-Delhi Alumni’s startup to ‘GrowMore’, GroMo secures ₹4 crores funding

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GroMo Co-founders

GroMo co-founders (from left): Darpan Khurana, Ankit Khandelwal, Arpit Khandelwal.

Gurugram-based fintech startup GroMo has raised ₹4 crores in seed funding. This social commerce fintech startup is co-founded by IIT-Delhi alumni this year in February. The startup aims to use the capital in strengthening its tech and operation team. The platform aims to provide access to financial products to the underserved and unpenetrated Tier 2 and beyond cities of the country.

The Indian Startup ecosystem is becoming very appreciative and supportive of the worthy and promising teams. This is well proven by this Gurugram-based startup, GroMo.

Just 4 months since its inaugural and the startup has had its seed funding worth ₹4 crores. The investment was led by Ramakant SharmaCo-founder, Livspace, Utsav Somani of AngelList India, and other prominent angel investors.

Found by IIT Delhi alumni, the co-founders’ team consists of Darpan KhuranaAnkit Khandelwal and Arpit Khandelwal. The platform aims to provide access to financial products to the underserved and unpenetrated Tier 2 and beyond cities of the country.

Related Read: Unlock the secrets to make your fintech startup the NEXT BIG THING.

GroMo to empower microentrepreneurs

The startup’s ambition is to empower micro-entrepreneurs like CAs, property dealers, travel agents, students, etc. to become partners. With that, it will help them generate additional income by selling financial products by leveraging their social network.

The startup is building a tech-enabled social commerce platform. It aims at offering a full spectrum of financial products such as Loans, Insurance, and Investments to the end consumers through its partners.

GroMo, fintech startup by IIT-Delhi alumni.

It is looking to partner with all financial institution who wants to extend their reach to Tier 2 and beyond cities in India via GroMo partner network.

We will be leveraging the immense network of our Investors to on-board Lending institutions on our platform.

– Darpan Khurana, Co-founder: GroMo

The startup has a core team of 15 members. It is looking to increase this number to 40 by the end of 2019. Positions like CTO of the company are also vacant, to which Ankit Khandelwal said that the right talent and appropriate portfolio will definitely be hired.

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