IIT-Delhi alumni’s social fintech startup GroMo raises Rs four Cr
Gurugram-primarily based fintech startup GroMo, released in advance this yr by means of 3 IIT-Delhi graduates, has raised Rs 4 crore in seed funding. The funding became led by means of Ramakant Sharma, Co-founder, Livspace, at the side of Utsav Somani, Partner, AngelList India, and different angel investors.
GroMo Co-founder and CEO Ankit Khandelwal stated the startup could use the capital to bolster its middle era and operations team.
Ankit, along with his BTech juniors from IIT-Delhi, Darpan Khurana and Arpit Khandelwal (who also happens to be Ankit’s cousin), released GroMo this February.
In a conversation with YourStory, Ankit said,
To deepen its recognition on tech, the startup is likewise looking for a CTO, who should take up a co-founder function, “if the profile of the candidate is ideal,” he brought.
GroMo is building a tech-enabled “social trade platform” to offer a spectrum of monetary merchandise which includes loans, insurance, and investments to stop purchasers via their partners. A gift, it only gives loans; it’ll upload coverage and funding merchandise to the platform in approximately a yr.
In an announcement, Livspace’s Ramakant stated,
“We are happy to return a sturdy and skilled team at GroMo. Fintech in India is a massive possibility, and groom’s social trade solution is exceptionally scalable and has the capacity to reach the lesser developed parts of us of a.”
Groo’s ambition is to empower micro-marketers inclusive of chartered accountants, assets sellers, tour dealers, or even students to emerge as its companions and generate extra profits. They can leverage social networks such as WhatsApp, Facebook, Sharechat, and so forth to sell monetary products, Ankit informed YourStory.
AngelList’s Utsav said they wanted to put money into startups with a focal point on financial inclusion and employment era.
“Groo fits our bill flawlessly with its attention on empowering micro-entrepreneurs for distribution in below-penetrated geographies of India,” he added.
The startup has already on-boarded more than 500 companions via its pilot in Jaipur and Alwar. It pursuits to cowl 10 cities within the subsequent 12 months.
Before starting GroMo, Ankit became Chief Operating Officer at Unicommerce, a SaaS e-commerce employer that changed into obtained by way of Snapdeal in 2015. Darpan turned into Director, Strategy, and Investments, at Snapdeal. Arpit became the Co-founding father of DezignUp, a design community, and marketplace that became received by way of Livspace in 2015.
The startup has a crew of 15 people as of now and is trying to up that number to forty with the aid of the 12 months cease. Ankit said, “We are searching out the proper expertise and hiring throughout positions, especially in tech”.
The Gurugram startup is likewise looking to associate with economic establishments that want to extend their reach to “Tier II and past cities”.
GroMo Co-founder Darpan stated, “We will be leveraging the gigantic network of our buyers to on-board lending establishments on our platform.”NOIDA stands for New Okhla Industrial Authority. The modern suburb district in Uttar Pradesh was founded in 1976, under the UP Industrial Development Act, in the same year. Over the years, Noida has become a nucleus for multinational firms outsourcing information technology services. Since the city hosts reputed companies and business houses, the demand for both residential and commercial estates is quite high. In case you are interested in purchasing or selling a property in Noida, taking help of Noida property dealers would be a good idea.