Digital firm Groww on Monday said it has raised $251 million (around Rs 1,885 crore) in a funding round led by Iconiq Growth, at a valuation of $3 billion.

The series E funding round also saw participation from investors such as Alkeon, Lone Pine Capital and Steadfast.

Groww’s existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture also participated.

“The financial services market in India is already large, growing rapidly, and ripe for disruption. During the last couple of years, Groww has demonstrated that they are ready to seize that opportunity,” Iconiq Growth partner Yoonkee Sull said.