Microsoft CEO Satya Nadella joins and invests in Groww, an Indian based online investing platform that allows users not just to invest but find the best mutual funds and stocks. The announcement was made on Twitter by the co-founder and CEO of Groww, stating: "Groww gets one of the world's best CEOs as investor and advisor. Thrilled to have @satyanadella join us in our mission to make financial services accessible to Indians." Founded in 2016 and based in Bengaluru, India, the company is dedicated to creating easy access to financial services for millions across India. However, The financial details of this investment remain undisclosed.
Groww boasts of about 20 million users and is valued at $1 billion. The company is not backing down on its target to become a significant player in the global stockbroking space. The inclusion of Satya Nadella empowers Groww with a larger sense of knowledge and experience on business investment and stock trading. With a series of projects attached to his profile, like the Transformation of Microsoft culture from client services to cloud infrastructure and services, Microsoft Cloud Service revenue increased from $16.6 billion to $20.3 billion in 2013. Being a native of Indian, The Microsoft CEO certainly does not hide his sentiment for the region and is determined towards promoting the nation's stock market.
Groww is competing with other players in the stock market space like Zerodha, Paytm Money and Upstox. Strengthened with its latest investor, the company can reach other regions in India and worldwide. As an advisor, Satya Nadella's place in the advisory board raises a red flag to these players, Groww means business.
India in focus
Population: 1.38 billion in 2020 as compared to 1.36 billion in 2019
GDP: $2.623 trillion compared to $2.871 trillion in 2019
GDP per capita: $1,900 in 2020 compared to $2,100 in 2019