Company Research Report: GroMo
Company Overview
- Name: GroMo
- Mission: No information is available
- Founders: Ankit Khandelwal and Darpan Khurana, alumni of IIT Delhi
- Key People: Ankit Khandelwal (Co-founder), Darpan Khurana (Co-founder and CEO)
- Headquarters: No information is available
- Number of Employees: No information is available
- Revenue: No specific revenue figures are available
- Known For: GroMo is known for its fintech platform that provides access to financial products like bank accounts, insurance, credit cards, loans, and investment options from banking and non-banking financial institutions.
Products
GroMo offers a range of financial products facilitated through its platform, enabling agents to sell and earn.
1. Credit Cards
- Description: Offers customers the flexibility to spend now and pay later with opportunities for rewards and savings.
- Key Features:
- Lifetime free credit card
- Exciting rewards, discounts, and cashbacks
- Complimentary airport lounge access
2. Savings Account
- Description: Facilitates customers to open savings accounts with partner financial institutions.
- Key Features: No specific features provided
3. Demat Account
- Description: Provides facilities to buy and sell shares electronically.
- Key Features: No specific features provided
4. Loans
- Description: A range of loan products for varied financial needs.
- Key Features: No specific features provided
5. Line of Credit
- Description: Allows customers to access a predetermined credit limit for personal or business use.
- Key Features: No specific features provided
6. Investment Products
- Description: Various investment options from leading financial institutions.
- Key Features: No specific features provided
7. Insurance
- Description: Offers general and life insurance products through the company’s insurance broking license.
- Key Features: No specific features provided
Recent Developments
- Payout Milestone: GroMo has distributed Rs. 100 crore in payouts to its partner agents and aims to achieve Rs. 1,000 crore in earnings for partners in the next five years.
- Product Portfolio Expansion: The company has broadened its offerings from 25 to over 160 financial products over the last few years.
- Operational Expansion: GroMo now operates across 19,000 pin codes in India, with over 36 lakh partners onboarded.
- Financial Inclusion Initiatives: Focusing on driving financial inclusion and literacy in Tier II, III and smaller cities.
- Funding Updates: GroMo raised $11 million in Series A funding led by SIG Venture Capital and participated by Y-Combinator, Das Capital, and other prominent investors.
- Growth and Strategic Goals: Plans to double its workforce in the coming year and continue broadening its product offerings to enhance user experience.
- Technology and Community Focus: GroMo aims to bridge the financial literacy gap through its community-driven, tech-enabled platform offering.
Conclusions
This report provides an overview of GroMo based on the information available, highlighting its mission to facilitate financial product distribution through a wide range of offerings. It has experienced significant growth through investor support and the expansion of its agent network. The company is positioning itself to enhance financial inclusion across new and growing markets within India.
