GroMo Analysis
What is GroMo?
GroMo is a financial product distribution platform that lets people earn commission by selling banking and investment products. The company positions its app as a zero-investment business for individuals who want to work from home or sell through trusted networks. Its public materials emphasize partner earnings, free training, and access to multiple financial product categories.
Location
Gurgaon, Haryana, India
Employees
51-200
Founded
2020
Revenue
$47.1M
Business Model
Commission-based model; revenue from financial product sales without upfront investment.
Product Features & Capabilities
- Credit Card, Savings Account, Demat Account, Loan, Line of Credit, Investment, Sell Insurance, User-Friendly Mobile App, Training and Support for Partners
Pricing
- Credit Card: Up to ₹3500 commission per sale
- Personal Loan: Up to 4% commission
- Savings Account: Up to ₹1300 commission
- Demat Account: Up to ₹1750 commission
- Credit Line: Up to ₹1400 commission
- Investment Products: Up to ₹1200 commission
- UPI Transactions: ₹90 per new account
Who are the founders of GroMo
AK
Ankit Khandelwal
Founder and CEO
DK
Darpan Khurana
Co-Founder
Market Focus
GroMo primarily focuses on the fintech industry, providing a platform for individuals to earn money by selling financial products online.
Competitors Overview
GroMo operates in the fintech sector, primarily allowing individuals to earn money by selling financial products. Its main competitors include:
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MobiKwik: A digital payment platform in India that offers a variety of financial products. Its focus on digital payments gives it a competitive edge in the fintech space.
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Flipkart: While primarily an e-commerce platform, Flipkart's extensive reach and product offerings make it a significant player in the financial services market as well.
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GoKwik: This company uses AI and machine learning to enhance e-commerce experiences, providing a technological advantage in the online sales space.
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Razorpay: A major player in the fintech industry with significant revenue and funding, Razorpay offers a wide range of payment solutions, which may attract more businesses compared to GroMo.
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Digit Insurance: Focused on insurance products, Digit has strong investor backing and a solid market presence, which could overshadow GroMo's offerings.
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Paytm Payments Bank: Known for its brand recognition and extensive service offerings, Paytm has a substantial advantage in customer trust and market penetration.
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Cetelem: A long-established financial services provider, Cetelem's experience and stability may provide it with a competitive edge in consumer credit.
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MyMoneyMantra: This platform helps consumers access loans, focusing on a similar market segment as GroMo, but with a more established presence.
Notable differences include GroMo's specific targeting of underserved Tier 2 cities, which may provide it with unique market opportunities compared to its competitors that focus on broader demographics.
Investors
- SIG Venture Capital
- Y-Combinator
- Das Capital
- Goodwater Capital
- Beyond Next Ventures
- Soma Capital
- Ace & Company
- Hauz Khas Ventures
- Ramakant Sharma (angel investor)
- Utsav Somani (angel investor)
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