HomeInnovationGroww, Indian millennials investment app is exploring crypto trading offerings

Groww, Indian millennials investment app is exploring crypto trading offerings

Groww, an Indian startup that operates a platform for investors to invest in mutual funds and stocks is reportedly exploring expansion into the crypto space as per a report on TechCrunch. Crypto Vakil team couldn’t independently verify the development. As per the report, the Bengaluru-based start-up hasn’t made a firm decision on when it plans to offer such crypto trading.

If Groww does offer crypto trading it should not be a surprise considering the increased penetration of crypto trading in the past year and interest from traditional financial players. Groww is a SEBI registered stockbroker in the name of NextBillion Technology Private Limited and the securities market regulator may be keen to comment if Groww actually launches a crypto trading platform.

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Robinhood which is similar to Groww and Zerodha offers crypto trading alongside securities trading in the West. Incumbent stock brokers in India have so far abstained from offering crypto trading alongside securities fearing regulatory backlash.

Groww is negotiating a new financing round of $250 million at a $3 billion valuation. The unicorn startup counts Tiger Global and Sequoia Capital India among its existing investors. Groww had last raised $83 million in its Series D financing round, which valued the Indian startup at more than $1 billion.

Unicorns in crypto trading space

On Aug. 10, CoinDCX became the first crypto exchange to attain unicorn status with a Series C funding of $90 million (Rs668 crore). The investors in the round included Facebook co-founder Eduardo Saverin’s B Capital Group, Coinbase Ventures, Polychain Capital,, and Jump Capital, among others.

CoinSwitch Kuber another Indian crypto exchange is in advanced talks to raise a new round of funding at up to $2 billion in valuation. This would make CoinSwitch the second Indian crypto startup to enter the unicorn club following CoinDCX.

Zerodha founder expects crypto to disrupt online stock brokers

In a related news, market leading broking firm Zerodha co-founder Nithin Kamath on September 10 said that the stock broking sector should be wary of getting disrupted by cryptocurrency and not any other stock brokerage startup. In a series of tweets, billionaire Kamath explained said that in broking or exchange business, both on pricing and product, there is not much left to disrupt.


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