Groww Raises INR 1,735 Crore from GIC and ICONIQ Ahead of IPO Plans
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Groww's parent firm, Billionbrains Garage Ventures Limited, is raising INR 1,735 crore (approximately $200 million) in a new round of funding led by Singapore's sovereign wealth fund GIC and existing investor ICONIQ Capital, as per company documents filed with the Registrar of Companies (RoC). The move comes on the heels of the investment platform's confidential filing of its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), as it readies for a highly anticipated IPO.
The company's board approved a special resolution to issue 3.59 crore preference shares at INR 482.8 per share to raise the capital. According to the filing, GIC, through its affiliate Viggo Investment, will contribute INR 867.5 crore ($100 million), while ICONIQ Capital, via its entity ISP VII-B Blocker GW, will infuse a similar amount. Post-transaction, both investors will hold a 1.43 per cent stake in the company.
The documents state that the funds will be directed toward expanding Groww's current operations and scaling its subsidiaries. The timing of the infusion is strategic, coming just as Groww prepares for a public offering that is expected to raise between $700 million and $1 billion.
Founded in 2016, Groww has built a strong user base across mutual funds, stocks, and other financial products, backed by prominent investors such as Peak XV, Tiger Global, Ribbit Capital, and YC Continuity. The company last raised $251 million in a Series E round in October 2021, which valued it at around $3 billion. With the latest funding, total capital raised by the firm approaches $800 million.
Internally, Groww has shown robust financial growth. According to company documents, the firm posted a 31 per cent increase in revenue, reaching INR 4,056 crore in FY25, while profits surged threefold to INR 1,819 crore. In FY24, Groww had reported INR 3,145 crore in revenue and an operating profit of INR 545 crore. However, a one-time tax payment of INR 1,340 crore related to its shift in domicile to India pushed the company into a net loss of INR 805 crore for that fiscal year.
Audited financial results for FY25 have yet to be filed with the RoC. The IPO timeline remains confidential, but recent capital moves signal that Groww is in the final stages of preparing for its market debut.
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