Vitrak Fintech Pvt. Ltd, which operates GroMo has raised $11 million in its Series A funding round led by SIG Venture Capital, the company announced on Tuesday.
The round also saw the participation Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, and Hauz Khas Ventures.
The company will use the fresh funds to scale hiring across senior management in technology, product, marketing, business, category management, and HR functions. GroMo is also looking to increase its workforce in the next 6-12 months.
The funds will be deployed into entering new business partnerships with BFSI players like insurance companies, credit card companies, banks, stockbrokers and NBFCs (non-banking financial companies).
Angel investors like Kunal Shah (Cred); Niraj Singh (Spinny); Ramakant Sharma (Livspace); Alok Mittal (Indifi); Utsav Somani (iSeed, AngelList India); Ashish (Innoven); Abhishek Goyal (Tracxn) and Nitin Gupta (Uni Cards) participated in the round.
Founded by IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, GroMo is a fintech platform focused on the distribution of financial products. It has built a social commerce platform that helps agents not only improve access to better financial products for consumers but also bridge the financial literacy gap by helping them choose the right offerings.
Currently, GroMo is distributing over 100 financial products across insurance, investments, credit cards, loans, saving and demat accounts among others. It has GroMo has a network of 1.2 million agents on its platform.
“We have aggressive plans to scale up the business significantly in the coming few quarters by expanding our partnerships with financial institutions. The long-term goal is to become India's largest tech-enabled distribution platform and enable over 10 million agents to earn from the GroMo platform. Recognizing that our employees are our most valuable asset to grow, we completed an ESOP buyback in June of this year to reward their loyalty and contributions,” said Khurana in a statement.
