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Satya Nadella joins India's Groww as investor, adviser

Satya Nadella joins India's Groww as investor, adviser

TIGER GLOBAL-backed Groww said Microsoft chief executive officer Satya Nadella has joined the company as an investor and advisor.

"Groww gets one of the world's best CEOs as an investor and advisor. Thrilled to have @satyanadella join us in our mission to make financial services accessible in India," Groww's co-founder and CEO Lalit Keshre tweeted on Saturday (8).

However, he didn't disclose the financial details of the investment.

Groww had raised $251 million (£184.76m) in October last year in a funding round led by Iconiq Growth, which valued the mutual fund and stock investment platform at $1 billion (£740m).

The funding round also saw participation from investors like Alkeon, Lone Pine Capital and Steadfast.

Groww's existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global and Propel Venture also participated.

In April 2021, the digital firm had raised $83m (£61m) in a funding round led by Tiger Global.

Groww enables users to invest in stocks, mutual funds, ETFs, IPOs and Gold.

Started in 2017, it claims to have more than 15 million registered users.

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  • Quarterly profit surged to 344.4 m rupees from 100.4 m rupees year-on-year.
  • Revenue grew 25 per cent to 23.56 bn rupees on premium brand partnerships.
  • Company expands internationally with Kay Beauty launching in UK stores.
Indian beauty retailer Nykaa has posted a more than three-fold increase in quarterly profit, driven by steady demand for makeup and skincare products and strategic partnerships with global brands.

FSN E-Commerce Ventures, which operates the Nykaa platform, reported a profit of 344.4 million rupees (£3.9 m) for the quarter ended 30 September, up from 100.4 m rupees a year earlier.

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