Bengaluru: Fintech platform ‘GroMo’ has raised ₹four crore in seed investment, led with the aid of Ramakant Sharma, co-founder of Livspace, and Utsav Somani of AngelList India, along with other angel investors.
The business enterprise plans to use the capital to strengthen its middle management and operations team.
Launched earlier this year, GroMo was founded using 3 IIT Delhi alumni: Ankit Khandelwal, Darpan Khurana, and Arpit Khandelwal. The platform’s objective is to provide access to economic products to the underserved Tier 2 and rural towns of the United States.
Groo’s ambition is to empower micro-entrepreneurs like CAs, property sellers, travel agents, college students, and so forth. To end up GroMo Partners and generate additional income by promoting economic products by leveraging their social network–WhatsApp, Facebook, Sharechat, etc. Groo is building a tech-enabled social trade platform to provide a complete spectrum of monetary merchandise such as loans, insurance, and investments to the quit consumers through GroMo Partners.
Groot launched its pilot in Jaipur and Alwar and has already onboarded 500+ GroMo partners and pursuits to expand to more cities within the coming months. Currently, it gives loans and might include insurance and investment merchandise later.
Ankit Khandelwal, Co-Founder and CEO of GroMo, stated, “India currently witnesses the lowest adoption stage of monetary merchandise inside the international. There is a lack of belief and know-how amongst human beings, especially within the Tier 2 towns and beyond. These markets are set to drive the following wave of growth for the fintech industry. We trust we can increase the penetration stages of economic merchandise in smaller towns by way of constructing a social commerce platform to promote financial products”.
