Fintech product distribution platform GroMo raised $11 million in Series A led by SIG Venture Capital where Y Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company and Hauz Khas Ventures with angel investors including 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) also participated.
GroMo works with over 1.2 million agents across the country to sell over 100 financial products, including insurance and credit cards. The fintech startup partners with the agents, who earn a commission on the products sold. GroMo intends to use the funds to hire senior management in the technology, product, marketing, business, category management, and human resources verticals. The fintech intends to more than double its workforce over the next three to four quarters. Furthermore, the Gurugram-based startup is looking to form new partnerships with BFSI players in order to broaden its reach.
