Groww, an online investment platform, is expanding its offerings to include lending. According to its mobile app, the Bengaluru-based company has begun offering credit lines to select users based on their transaction history. This follows a massive fundraise in October, which valued the company at $3 billion.
Groww’s decision is a significant step toward increasing revenue, which has been low thus far. While the company has yet to release its fiscal year 21 annual report,
Groww’s lending feature is similar to CRED’s Stash, which also provides consumers with an instant credit line. Groww, like Stash, offers instant credit disbursement (similar to a personal loan) with no paperwork.
According to the app, Groww’s lending banking partner is IDFC First Bank. Groww allows you to invest in mutual funds and fixed deposits in addition to stocks. The company also intends to enter neobanking and insurance in the near future.
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