GroMo celebrates 5 years with Rs. 3.75 crore partner payouts in Telangana
GroMo has become a pivotal player in driving financial inclusion and enhancing literacy in tier 2, 3, and smaller cities
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Hyderabad: GroMo, a transformative force in FinTech, marked its 5th anniversary by achieving a significant milestone – disbursing Rs. 100 crores in payouts to its valued partners across India. Telangana, in particular, stood out, with over Rs 3.75 crore distributed to 1.03 lakh GroMo partners, showcasing the company's unwavering commitment to empowering its extensive network and fostering financial well-being in real Bharat.
The success is evident in the onboarding of an impressive 1.03 lakh partners in Telangana alone, connecting with 1.5 lakh customers over the last 5 years. The state exhibited robust demand for financial products, with 43 per cent opting for credit cards, 39 per cent for savings accounts, and 13 per cent for personal loans during this period.
Founded by IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, GroMo has become a pivotal player in driving financial inclusion and enhancing literacy in tier 2, 3, and smaller cities. The company's unique approach combines cutting-edge technology with human trust, enabling partners to recommend the best financial products based on customer needs. GroMo has successfully expanded its product portfolio from 25 to over 160, catering to the diverse financial needs of its expanding user base.
With marquee investors such as SIG and Y Combinator, along with support from notable angels like Kunal Shah, Ramakant Sharma, and Alok Mittal, GroMo has solidified its position in the FinTech landscape. The platform currently operates across 19,000+ pin codes in India and has doubled its partner base to over 36 Lakh within a year.
Darpan Khurana, Co-Founder of GroMo, expressed pride in the platform's impact, stating, "Our journey over the last five years has been characterized by substantial growth, aligning closely with the government's vision for comprehensive financial inclusion. Through our efforts in Telangana, we observed a 4x growth in the past year, reaching 1.5 Lakh customers."
Ankit Khandelwal, CEO & Co-Founder, added, "As we celebrate this milestone, our steadfast commitment lies in constructing a robust financial ecosystem throughout the country. Our vision includes achieving Rs. 1,000 Crore in earnings and reaching over 5 Crore customers by 2030 nationally."
GroMo's tech-enabled, community-driven platform serves as a bridge for the financial literacy gap, offering over 160 financial products, including Insurance, Investments, Credit Cards, Loans, and more. Collaborations with renowned brands such as HDFC Bank, Axis Bank, and SBI General Insurance have strengthened GroMo's market presence.
Puneet Bhatia, Head - AGENCY, SBI General Insurance, expressed delight in the collaboration, stating, "This strategic tie-up is poised to reshape the digital distribution landscape in India." GroMo's positive impact is evident in the lives of more than 65 Lakh end customers who have received tailored advice on financial products through the GroMo Partner Network. The platform continues to play a pivotal role in shaping the future of FinTech in India, setting the stage for even greater accomplishments in the years to come.
