India-based online investment platform Groww has raised $251m in a new funding round. With the fundraising, the company tripled its valuation to $3bn in six months.

ICONIQ Growth led the start-up’s latest Series E funding round, with several other investors including Alkeon, Lone Pine Capital and Steadfast also participating.

Groww’s existing backers – Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners, also joined.

Founded in 2016, Groww enables retail investors to direct Mutual Funds, Stocks, ETFs and IPO.

The company will use the proceeds to strengthen its team and bolster its infrastructure to expand its reach. It also plans to continue investing in capabilities to improve financial services accessibility and education.

Earlier this year, the investment app raised $83m in the Series D round led by Tiger Global.

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Groww co-founder and CEO Lalit Keshre said: “We will continue working hard to build an iconic and trusted brand out of India. Over the last five years, we have built a product that customers love and have lowered the barriers to investing across India.

“We are making a difference in the lives of millions of Indians by democratizing access. And it seems the journey has just begun with such a huge opportunity ahead of us.”

ICONIQ Growth partner Yoonkee Sull said: “Groww has been helping transform the way India invests by building a platform that exemplifies simplicity, trust, and constant innovation.”

Last month, Indiabulls Housing Finance secured regulatory approval to offload its mutual fund business to Groww.