Gurugram-primarily based fintech startup GroMo, released in advance this year using 3 IIT-Delhi graduates, has raised Rs 4 crore in seed funding. The funding was led using Ramakant Sharma, Co-founder, Livspace, at the side of Utsav Somani, Partner, AngelList India, and other angel investors.
GroMo Co-founder and CEO Ankit Khandelwal stated the startup could use the capital to bolster its middle management 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 in tech, the startup is likewise looking for a CTO, who should take up a co-founder function, “if the candidate’s profile is ideal,” he brought up.
Groo is building a tech-enabled “social trade platform” to offer a spectrum of monetary merchandise, including 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 year.
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 less developed parts of us of a.”
Groo aims to empower micro-marketers, including chartered accountants, asset 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 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 the 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 onboarded more than 500 companions via its pilot in Jaipur and Alwar. It pursuits to cover 10 cities within the next 12 months.
