Digital investment startup Groww onboards top deck from NSE, SEBI

Online investment startup Groww on Wednesday said it has onboarded several new joinees to its top deck, as it looks to further scale its business.

As per a statement, the Bengaluru headquartered company has hired the current chief regulatory officer of National Stock Exchange of India, Narsimhan VR, as an advisor.

Also joining the advisory rank is Radhakrishan Nair, former managing director of Corporation Bank Securities, and former executive director at Securities and Exchange Board of India (SEBI).

The company has also hired Ashutosh Naik as its chief compliance officer. In his previous role, Naik headed compliance at IIFL Wealth Management.

Additionally, Groww has hired Navaneethan M as vice president of information security, and head of information technology operations operations at the company. He has previously worked across roles in areas of cyber security and risk management at PayU, Deloitte, Capgemini among others, as per the statement.

“We are delighted to bring aboard senior leaders on Groww to help us scale further. As we continue to build delightful products for retail investors in India, senior level leadership will help us strengthen our position as a safe, secure, and transparent investing platform,” Groww co-founder and CEO Lalit Keshre said. 

Groww, which recently became Y Combinator Continuity fund’s first India based investment, launched several new products in 2020. The new investment products on its platform were trading of stocks, initial price offering, intraday trading, exchange traded funds, and digital gold.

Prior to 2020, Groww was primarily a wealth management platform. The company now claims to have crossed 10 million registered users across 900 cities in India, and that it has enabled the opening of over 1 million dematerialized accounts.

The company was founded in 2016 by former Flipkart employees Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal. Apart from Y Combinator, the startup is backed by Sequoia India, and Ribbit Capital, among others.

In other top deck movements at fintechs announced on Wednesday, PrimaDollar India said it had hired its director, and country head of factoring and trade finance, Swati Babel, as its first CEO. Having launched its largest ever base in India, in 2019, Guildford based PrimaDollar is a provider of trade finance to clients in over 40 countries.