Fintech platform GroMo distributed Rs 100 Cr payouts to partner agents

Fintech platform GroMo on Saturday said it has distributed Rs 100 crore in payouts to its partner agents on the eve of completing the five-year milestone.

The company aims to achieve Rs 1,000 crore in earnings for the GroMo partner agents in the next five years, the platform, engaged in facilitating the distribution of financial products, said in a statement.

Founded by IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, GroMo is playing a role in driving financial inclusion and enhancing financial literacy in Tier II, III and smaller cities.

It provides access to financial products like bank accounts, insurance, credit cards, loans and investment options from the leading banking and non-banking financial institutions, it said.

The company has expanded its product portfolio from 25 to over 160 in the last couple of years, it said, adding that 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 by four times between 2022 and 2023, it noted.

"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 the company's co-founder Khurana.

As a pivotal element of the expansion strategy, the aim is to double workforce size within the coming year and introduce innovative products to enhance the overall user experience, said GroMo CEO Khandelwal.

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, and loans, among others, from renowned brands.