Gurgaon-based fintech startup Grip Invest has raised $3 million in a Series A funding round led by Venture Highway and Endiya Partners.
The round also saw participation from AdvantEdge and existing investors, including Anicut Angel Fund and Gemba Capital, and angels such as Satyen Kothari (Founder of Cube Wealth and Citrus Pay), Gaurav Gupta (Chief Business Officer, Cube Wealth), Akash Sinha and Reeju Datta (Co-founders of Cashfree), and Ankit Agarwal (CFO of Navi Technologies ) and FMS.
According to a statement, Grip Invest will use the raised funding to increase the range of its investment products, launching new features, and strengthening the team. So far, the startup has raised over $3.6 million in its funding rounds.
Speaking on the fundraise, Nikhil Aggarwal in a statement said: “While fintech has revolutionized how we think about payments, stock-investing, loyalty rewards, and money transfers, 99 percent of retail investors are still left with just two investment options — fixed deposits and mutual funds.”
“Grip’s mission is to change the way Indians think about investing and facilitate wealth creation opportunities with healthy diversified portfolios,” he added.
Founded by Nikhil Aggarwal and Vivek Gulati, A year-old fintech platform enables retail investors to invest and have partial ownership in physical assets that helps them to make fixed monthly returns.
Since its inception, Grip has facilitated around Rs 75 crore in investments and has a user base of over 80,000 retail investors, it claims. The startup is aiming to facilitate investment worth Rs 1,000 crore by September next year.
Speaking on the investment, Samir Sood, Founder, Venture Highway, said:
“Mass-affluent retail investors in India are greatly underserved – other alternatives like P2P or revenue-based financing typically do not have the risk-adjusted returns that asset-backed products on Grip provide.”