New Delhi, 9th February 2024: GroMo, a FinTech platform facilitating the distribution of financial products, announced today the achievement of Rs.100 crores in payouts to its valued partners on the eve of completing a 5-year milestone. As part of this celebration, GroMo is distributing an additional Rs 100 crore to its partners. The company aims to achieve Rs. 1,000 crores in earnings for the GroMo Partners in the next 5 years. The accomplishment underlines GroMo’s unwavering dedication to empowering its extensive network of trusted agents and fostering financial well-being across Real Bharat.
GroMo is funded by marquee investors such as SIG, Y combinator, and angels such as Kunal Shah, Ramakant Sharma, Alok Mittal, Utsav Somani, Niraj Singh, and many others. The company has the vision to empower every household in India through financial inclusion with its two-pronged approach of technology and human trust. The company onboards partners across India and provides them with the necessary training to help people access the financial products of their choice. GroMo’s cutting-edge technology and in-built algorithms empower partners to recommend the best product based on the customer needs, thereby enabling faster & smarter decisions, avoiding any mis-selling and thus helping the financial companies to reach the relevant group of people.
Founded by IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, GroMo is playing a crucial role in the development of ‘Real Bharat’ by driving financial inclusion and enhancing financial literacy in tier 2, 3 and smaller cities. GroMo provides access to financial products like bank accounts, insurance, credit cards, loans, and investment options from the leading banking and non-banking financial institutions. The company has expanded its product portfolio from 25 to over 160 in the last couple of years. The platform has successfully onboarded over 36 Lakh partners, doubling its numbers in just a year, and currently operates across 19,000+ pin codes in India. The company has been able to increase the partner’s earnings to four times from 2022 to 2023.
“We take immense pride in facilitating our partners to accumulate earnings surpassing Rs. 100 Crores, underscoring the significant impact of our platform. Our journey over the last five years has been characterized by substantial growth, aligning closely with the government’s vision for comprehensive financial inclusion. Our platform helps BFSI companies with an additional 36 Lakh sales members across India and targets customers based on demographics of their choice. As we extend our footprint across diverse regions of India, the presence in 28 states reflects GroMo’s commitment to integrating communities in remote areas of India into the formal financial framework”, said Darpan Khurana, Co-Founder, GroMo.
“As we celebrate this milestone, our steadfast commitment lies in constructing a robust financial ecosystem throughout the country. By harnessing cutting-edge technology, we have successfully extended our reach to every corner of the nation, complemented by comprehensive upskilling training for our valued partners. GroMo’s vision includes creating a significant positive impact, achieving Rs. 1,000 Crore earnings, and reaching more than 5 Crores customers by 2030. As a pivotal element of our expansion strategy, we aim to double our workforce size within the coming year and introduce innovative products to enhance the overall user experience”, added Ankit Khandelwal, CEO & Co-Founder, GroMo.
GroMo’s tech-enabled community-driven platform bridges the financial literacy gap by offering a diverse range of over 160 financial products, including Insurance, Investments, Credit Cards, Loans, and more, from renowned brands such as HDFC Bank, Axis Bank, AU Small Finance Bank, InCred Finance, Tata Capital, m.Stock by Mirae Assets and more. The company also has a General and Life Insurance Broking License from IRDAI and offers products of insurance companies such as HDFC Ergo, ICICI LOMBARD, Digit Insurance, Tata AIG General Insurance, and many more. The platform’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.
Puneet Bhatia, Head – AGENCY, SBI General Insurance expressed, “We are delighted to associate with GroMo, enabling us to effortlessly reach every corner of the country. This collaboration aligns seamlessly with our commitment to expanding distribution footprints and increasing insurance penetration in the country. This strategic tie-up is poised to reshape the digital distribution landscape in India.
On this milestone, Amit Gupta, Vice president-emerging market, ICICI Lombard commented “GroMo has been a trusted distribution channel, helping us reach our varied and widely spread customer base with ease. Through their dedicated focus on leveraging technology and their extensive partner network, they have been an asset in promoting insurance penetration across the country. GroMo is determined to solve distribution challenges and has been pivotal in changing the insurance distribution landscape. They are set to become one of the biggest players in the financial product distribution ecosystem while creating a significant nationwide impact on financial inclusion and literacy.”
Siddharth Bordoloy, Head-Prime Broking, Digit General Insurance stated, “Vitrak Insurance Brokers Private Limited (GroMo Insure) has been an invaluable distribution channel for us. Their POSP network has enabled us to reach all the corners of the country and their tech-enabled distribution network has aided in expanding our reach. They are playing a crucial role in changing the distribution landscape and have the potential of creating a huge impact on financial inclusion and financial literacy in the country.”