GroMo, an India-based fintech platform distributing financial products has raised $11 million in its new funding round led by SIG Venture Capital, a private equity and investment firm.

  • The fund will be invested in hiring more senior management personnel across technology, product, marketing, business, category management, and HR operations, the startup claims. It aims to double its employee base in 6-12 months and secure more strategic partnerships.
  • GroMo specializes in distributing financial products across insurance, investments, credit cards, loans and savings and Demat accounts from banks for its users.
  • Founded by Ankit Khandelwal and Darpan Khurana, GroMo claims it has 1.2 million agents on its fintech platform and has attracted investments from many angel investors. It provides access to financial products for people in tier 2-3 cities in India through its agents.
  • Y Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, and Hauz Khas Ventures participated in the latest funding round.