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GroMo raises $11 million, plans to double workforce in 6-12 months

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  • The funding round was led by SIG’s Asian venture capital arm, SIG Venture Capital.
  • The company plans to use the capital to hire senior management personnel in various industries.
  • The fintech company will also partner with more BFSIA players.

Gurgoan based fintech product distribution platform GroMo has raised $11 million in a Series A funding round led by SIG Venture Capital.

The round also saw participation from other key investors – Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company and Hauz Khas Ventures.

Founded by two IIT Delhi alumni, Ankit Khandelwal and Darpan KhuranaGroMo is a fintech platform that aims to provide access to financial products to tier 2-3 cities of the country through its network of more than 1.2 million agents.

The company has also received funding from prominent angel investors such as 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).

The company plans to use the capital to hire more senior management personnel for technology, product, marketing, business, category management and HR roles. It also plans to double its workforce in the next 6-12 months.

“Our vision is to drive financial inclusion in underserved markets by bridging this gap through face-to-face interaction, hand-holding by our agents and after-sales support. Any financial brand can expand its customer acquisition footprint through our pool of trained agents who can earn significant income by leveraging their social network,” said Ankit Khandelwal, CEO and Co-Founder of GroMo.

With the help of the recently raised funds, the company will add more partnerships with BFSI players

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