2021 proved to be an impressive year for the online investment platform Groww. The startup became an unicorn as investors enthusiastically took bet on the Bengaluru based startup. Flushed with funds, the company is also apparently spending big amount of money on branding and promotion.

But all these expensive branding and promotional services can hardly placate customers who are relentlessly ranting about your poor service. Groww found itself in a similar embarrassing situation on Friday as it got trolled on Twitter for poor service.

Groww was one of the hot trending topics on Friday on Twitter. The online investment platform’s customers took on the micro-blogging website to complain about their app’s poor service and its inability to serve their customers.

Several customers uploaded the screenshot of Groww’s dashboards to make their point. Some frustrated customers said that they are done with Groww and they are moving to other platform.

To sum up how Groww had a bad day on Twitter we’ve picked up some of the best quotes and uploaded the screenshots of some of the best tweets.

Before going ahead, we’d like to point out that even Zerodha, which Groww’s competitor, also gets  regularly trolled for poor services. Apart from Zerodha, Groww competes with Paytm Money, Upstox, ICICI securities, HDFC securities, Kotak securities so and so forth.

Mentioned below are some of the best tweets and screenshots of tweets trolling on Groww..

Tweet: 1

“#NSE and #BSE please block @_groww from market and also advice them to throw there non-working app in trash. Really getting disappointed with #groww“

Tweet: 2

“This ain’t the first time and I’m damn sure this ain’t gonna be the last time too. Man! If you really wanna compete with Zerodha, ICICI Securities, Angel one and others, you need to focus on your application first.”

Tweet 3

“#sebi Groww app is very bad app. Always show its.  Where is my shares.”

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Online stock market and mutual fund investment platform, Groww, has probably found its most high profile angel investor. Groww’s co-founder & CEO Lalit Keshre announced on Saturday that Microsoft chief Satya Nadella has joined the company as its new investor. Nadella will also act as the advisor to the Bengaluru based company.

Mr. Keshre made the announcement on his twitter handle. But he did not announce the exact quantum of investment that Nadella has made in the company. It seems that Nadella has made investment in his personal capacity. To the best of our knowledge, this is Nadella’s first investment in Indian startups in his personal capacity.  

This is Gorww’s first investment of 2022. The Bengaluru based company had raised two big ticket funding rounds last year. In April, it raised $83 Mn at little over $1 Bn valuation, propelling the company to India’s rapidly ballooning unicorn club. This was followed by Series E round in October when it raised $251 Mn at valuation of roughly $3 Bn.

The startup counts several big names as its investor. This includes the likes of Sequoia Capital, Tiger Global, Y Combinator, Lone Capital and Ribbit Capital among others.

Groww was founded in 2016 by four ex-Flipkart executives – Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal. The platform especially helps the millennial crowd and smartphone generation in making online investment in stocks and mutual funds.

What possibly works for Groww and its competitors is the fact that appetite of Indian people, especially, the millennial crowd is growing steadily. The last year’s stock market rally has only helped in further augmenting people’s interest in the stock market.

Groww competes with Tiger Global backed Upstox, bootstrapped Zerodha and Paytm Money. Interestingly, Tiger Global is a mutual investor in both Upstox and Groww.                

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Investment startup Groww, which focuses especially on young millennials, has just announced that it has raised $251 Mn as part of Series E funding round. Iconiq Growth led the round while slew of new investors as well as existing investors also participated in the funding round. The existing investors that took part in the funding round included Sequoia Capital, Tiger Global, Ribbit Capital and YC continuity.

The Bengaluru-based startup commanded a valuation of $3 bn in the latest round. The startup’s valuation saw almost a threefold increase from its previous round in April this year. Tiger Global had spearheaded the funding round, which helped Groww in securing the unicorn status.

It must be noted that Tiger Global is also an investor in Groww’s direct competitors like Upstox and INDMoney.

Groww had said that it will use the latest capital infusion for ramping up its technology infrastructure and expand in markets where it has very minimal presence. The company said that it will also use funds for creating wide-spread awareness about its products among the people. The company is already running an extensive ad campaign to create mass awareness about its products.

Groww essentially help millennial investors to make online investment in plethora of investment products including mutual funds (including Futures and Options), digital gold and fixed deposits. Recently, it launched a new service wherein it help users to invest in select high-profile US stocks like Facebook, Tesla, Apple and  many others.

The likes of Groww, Upstox and Zerodha are trying to capitalize on millennials growing interest in non-traditional investment avenues like stocks, mutual funds, digital golds so and so forth. Buoyed by the grand exposure that is  largely fueled by internet and smartphone penetration, the millennials seem to be upping their ante as far as stock market and other non-traditional investment products are concerned.

However, Indian masses participation in stock market investment continues to remain pathetically low. It is roughly estimated that approximately only 3-4% of India’s population participate in the stock market.  

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On its official website, Groww has already enlisted American stocks in its product category. The company currently offers limited number of American stocks in categories like tech giants, fast food chain and entertainment. Some of the popular American stocks currently available on Groww in a beta mode are Alphabet Inc, Apple, Amazon, Facebook, Netflix, Starbucks and Walt Disney. The company states in its official website that their Indian customers can invest as little as $1 in their favorite U.S stocks.

It is not clear whether or not Groww has completed all the necessary procedures, which includes tying up with American brokerage firm and fulfilling all the compliance rules as mandated by U.S. Securities and Exchange (SEC).

According to sources, Groww is also soon planning to roll out derivatives and fixed interest rate products like corporate bonds on its platform. The company may launch these products on a trial mode as soon as it officially launches US stocks on a full scale basis.

The company can certainly affords to do some product experimentation, since it has just secured $30 Mn or 222 crores funding from Continuity Fund and existing investors. The company has equally managed to pare down its losses significantly by reducing its losses from nearly 1 crore in FY18 to almost 43 lakh in FY19. The reduction in losses surely signifies the improvement in company’s unit economics.

Notably, Groww is surely not the only the player that is vying to tap into Indian customers growing interest in American and international stocks. While its immediate competitor Zerodha is already in the middle of launching U.S stocks on its platform, big players like ICICI Securities, Axis Securities and Winvesta have already jumped into the fray to tap this lucrative market.

These bigger and established players have only recently entered this supposedly lucrative market, with most of them offering basic plan and premium plan. Under the premium plan, companies are offering valued added services like zero account opening fees, zero brokerage and one-year free withdrawal benefits.

Industry experts claim that Indian customers’ interest in international stocks, especially US stocks, is spurred by the fact that American brands are immensely popular in India. With brands like Google, Amazon, Facebook & Netflix being almost a household names across India, analyst claim that this resonation will also extend towards American stocks.

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