The awareness about financial products in India is still not encouraging, and this gap is being intelligently catered to by GroMo to some extent. GroMo is a financial product-selling app, which is introduced by the company of the same name.
Founded in 2019 by IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, GroMo aims to increase the accessibility of financial products across India. It is contributing to many Indians’ financial inclusion and financial literacy in a big way, especially in tier-II and tier-III cities and in even smaller cities and towns of India. GroMo serves in the B2C and B2B space, in the fintech segment.
According to Tracxn, GroMo is an app that allows individuals to earn money by selling financial products. It enables users to become certified financial advisors and earn commissions on every sale of various financial products. GroMo’s app is available on Android devices.
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Objective and Business Model
GroMo aims to address the lacuna of low penetration of financial products in India. It aims to achieve this by creating, training & empowering lakhs of micro-entrepreneurs and helping them make a good income by advising on and selling financial products in their network.GroMo focuses on underserved tier-II cities and beyond.
Their business model is simple, elegant, and brilliant. One can download the app from the Play Store and become a GroMo Partner, after which she or he can recommend the right financial products to their customers and potential customers and make sales. This empowers the users to become entrepreneurs by selling financial products without making any financial investment. Moreover, the GroMo partners or agents can work from anywhere.
“Currently, we are trusted by more than 14 lakh GroMo partners across India and have served over 30 lakh customers. If we have to summarise it in one line, our story is about empowering India with financial products,” notes GroMo on its LinkedIn page. From one of GroMo’s blogs, we can glean that the GroMo App is at the forefront of providing earnings of up to Rs. 1 lakh every month to its GroMo Partners by giving them a platform to sell financial products and to enable them earn a commission on every product sold.
While discussing GroMo’s long-term goal, one of its Founders, Darpan Khurana, said, “The long-term goal is to become India’s largest tech-enabled distribution platform and enable 10 million+ agents to earn from the GroMo platform.”
Products and Presence
The GroMo App’s user interface has undergone updation in the recent past which enables the users to benefit from new features like My Customer, Product Recommendations, etc.
GroMo distributes various financial products, including insurance, credit cards, and loans. It also offers GroMo Insure, which can enable one to earn an income by selling insurance policies online. To become a GroMo Insure agent, one needs to sign up on the platform.
“As we extend our footprint across diverse regions of India, the presence in 28 states reflects GroMo Insure’s commitment to integrating communities in remote areas of India into the formal financial framework,” stated Darpan Khanna.
Funding Matters
In September 2022, GroMo raised 11 million USD in a funding round led by SIG Venture Capital. The other important investors in the funding round included Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, and Hauz Khas Ventures.
In 2019, the Gurugram-based company raised Rs. 4 crore in seed funding led by Ramakant Sharma, Co-founder of Livspace, Utsav Somani of AngelList India, and other angel investors. In 2019, Amit Khandelwal, one of GroMo’s founders, told Inc42 that their vision was to have a million microentrepreneurs over the next few years. Looking back on what they have achieved in the last five years since its inception, it seems that GroMo has certainly exceeded its lofty vision.
Empowering Partner Agents
In February 2024, on the eve of completing its five-year milestone, GroMo informed that it had distributed Rs 100 crore in payouts to its partner agents. In the next five years, the company aims to achieve Rs 1,000 crore in earnings for its partner agents. The company has achieved an annual revenue of $2.6M as of 31st March 2023.
GroMo is certainly showing the potential to make a huge impact in India’s evolving fintech space, in the coming years.
