Latest news with #AnandDalmia
Time of India
17-05-2025
- Business
- Time of India
Groww to Buy Startup Fisdom in All-cash Deal
HighlightsInvestment platform Groww has signed a definitive agreement to acquire wealthtech startup Fisdom in an all-cash deal valued between $140 million and $160 million, pending regulatory approval. Founded in 2015, Fisdom provides various wealth management solutions and has established partnerships with 15 national and regional banks, including Punjab National Bank and Indian Bank. The acquisition aligns with Groww's strategy to enter the competitive wealth management sector, as it prepares to file its draft red herring prospectus with the Securities and Exchange Board of India for a planned $700 million public listing. Investment platform Groww has signed a definitive agreement to acquire wealthtech startup Fisdom in an all-cash deal, subject to regulatory approval, according to people familiar with the matter. The transaction values Fisdom between $140 million and $160 million, they said. The acquisition will help Groww, India's largest stockbroking platform with 13 million active users, expand its presence in the wealth management space. ET had first reported on the deal on March 13. Founded in 2015 by Anand Dalmia and Subramanya SV, Fisdom offers wealth management solutions, including mutual funds, stocks, bonds, portfolio management services (PMS), and tax filing solutions. Following regulatory clearance, Fisdom's founders will continue to run the business, and the current team will stay on in the firm, one of the sources cited above said. Backed by the likes of PayU , Saama Capital and Quona Capital, among others, Fisdom serves over a million customers. Since inception, it has raised around $48 million, as per data from Tracxn, and was last valued at around $103 million in 2023. While PayU is the largest shareholder with around 30% stake, Quona Capital's shareholding is at 13.8%. Saama Capital, which had invested around ₹20 crore in the fintech, holds 12.4%. Fisdom posted revenues of ₹84 crore in FY24, marking a 28% increase from the previous year, while reducing its net losses by 19% to ₹57.4 crore. It achieved Ebitda profitability in the March quarter of FY24. Fisdom has established partnerships with 15 national and regional banks, including Punjab National Bank and Indian Bank, helping these lenders sell wealth management products to their customers. The acquisition of Fisdom will mark Groww's entry into the highly competitive and rapidly growing wealth management sector. This space has been attracting significant investor interest amid the Indian stock market's bull run. In recent years, players like Centricity, Dezerv and Ioniq Wealth have all secured equity funding to capitalise on this emerging opportunity. Groww's IPO and funding The acquisition comes as Groww prepares to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a planned $700-million public listing. According to sources, Groww intends to file its DRHP through the confidential route by the end of this month. The company is also in the process of raising $250-300 million in a funding round led by Singapore's sovereign wealth fund GIC. On May 15, GIC sought approval from the Competition Commission of India (CCI) to acquire a 2.14% stake in Groww for a $150 million investment. This deal would value Groww at $7 billion, post-money, according to people familiar with the matter. Launched in 2016, as a mutual fund investment platform, Groww diversified into stocks, IPOs, and ETFs in 2020.
Time of India
16-05-2025
- Business
- Time of India
Groww to buy Fisdom in $150 million deal
File photo BENGALURU: IPO-bound investment platform Groww signed an agreement to acquire wealth-tech startup Fisdom in a deal valued at approximately $150 million, people familiar with the matter told TOI. 'The deal is entirely cash-based and is expected to close after regulatory approvals,' one of the people said. The transaction marks Groww's entry into the wealth management and offline advisory space. It follows the company's acquisition of Indiabulls Asset Management in 2023 as part of its efforts to expand into asset management. Founded in 2015 by Anand Dalmia and Subramanya S V , Fisdom offers investment and advisory products, including mutual funds, stocks, bonds, portfolio management services, and tax-filing solutions. In FY24, Fisdom reported revenue of Rs 84 crore, up 28% year-on-year, while net losses narrowed 19% to Rs 57.4 crore. Groww turned profitable in FY23. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
16-05-2025
- Business
- Economic Times
Groww to acquire Fisdom in a $150 million all-cash deal
Investment platform Groww has signed a definitive agreement to acquire wealthtech startup Fisdom in an all-cash deal, subject to regulatory approval from the Securities and Exchange Board of India (Sebi), according to people familiar with the acquisition will enable Groww, India's largest stockbroking platform with 13 million active users, to expand its presence in the wealth management space. ET was the first to report on the impending deal on March 13. The transaction values Fisdom at between $140 million and $160 million, according to sources Founded in 2015 by Anand Dalmia and Subramanya S.V., Fisdom offers wealth management solutions, including mutual funds, stocks, bonds, portfolio management services (PMS), and tax filing solutions. Following regulatory clearance, Fisdom's founders will continue to run the business, and the existing team will remain with the firm, according to one of the sources cited. Wealthtech expansionBacked by the likes of PayU, Saama Capital, and Quona Capital, among others, Fisdom serves over a million customers. Since its inception, the wealthtech startup has raised around $48 million, according to data from Tracxn, and was last valued at approximately $103 million in is the largest shareholder with around a 30% stake, while Quona Capital holds 13.8%. Among the biggest winners would be Saama Capital, which invested around Rs 20 crore in the fintech and still holds 12.4%.Fisdom posted revenues of Rs 84 crore in FY24, marking a 28% increase from the previous year, while reducing its net losses by 19% to Rs 57.4 crore. The company also achieved Ebitda profitability in the March quarter of FY24. The ten-year-old company has forged partnerships with 15 national and regional banks, including Punjab National Bank and Indian Bank, helping these lenders offer wealth management products to their customers. The acquisition of Fisdom will mark Groww's entry into the highly competitive and rapidly growing wealth management sector, which has been attracting significant investor interest amid the Indian stock market's bull recent years, players like Centricity, Dezerv, and Ioniq Wealth have all secured equity funding to tap into this emerging opportunity. Groww's IPO and funding The acquisition comes as Groww prepares to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a planned $700 million public listing. According to sources, Groww intends to file its DRHP through the confidential route by the end of this month. The company is also in the process of raising between $250 million and $300 million in a funding round led by Singapore's sovereign wealth fund, GIC. On May 15, GIC sought approval from the Competition Commission of India (CCI) to acquire a 2.14% stake in Groww for a $150 million investmentm. This deal would value Groww at $7 billion, post-money, according to people familiar with the matter. Launched in 2016, as a mutual fund investment platform, Groww diversified into stocks, IPOs, and ETFs in 2020. The company became profitable in FY23, reporting revenue of Rs 1,277 crore and a profit of Rs 449 crore. In FY24, Groww's revenue surged to Rs 3,145 crore with an operating profit of Rs 535 crore. However, it reported a net loss of Rs 805 crore in FY24 due to a one-time tax payout to US authorities following the reverse flip of its parent entity to India.
Mint
16-05-2025
- Business
- Mint
Groww to acquire Prosus-backed Fisdom for around $150 million
Online stock trading platform Groww has signed a definitive agreement to acquire wealth-tech startup Fisdom in an all-cash deal for around $150 million, according to two people with knowledge of the development. The deal, currently subject to regulatory approval, will mark Groww's entry into the wealth management segment. The top leaders of Fisdom will stay on to scale the wealth management segment internally, the people quoted earlier said on the condition of anonymity. Also Read: Groww plans confidential IPO filing within two weeks Groww and Fisdom declined to comment on Mint's queries. The deal comes a day after Mint reported that Groww will file a confidential draft red herring prospectus within the next two weeks. Deal follows GIC move, IPO plans Founded in 2015 by Anand Dalmia and Subramanya S.V., Fisdom offers wealth management including mutual funds, stocks, bonds, and portfolio management (PMS), and tax filing services. Backed by investors such as Prosus, Saama, and Quona Capital, Fisdom has more than 15 offices across India. Fisdom's revenue rose 28% on-year to ₹84 crore in FY24, while its losses narrowed to ₹57.4 crore. Also Read: IKF Finance raises ₹1,465 crore from Norwest and Motilal Oswal Alternates The deal marks Groww's second-largest acquisition after Indiabulls Asset Management Company in May 2023. It follows Viggo Investment Pte. Ltd., an investment entity of Singapore's sovereign wealth fund GIC, approaching the Competition Commission of India (CCI) for an approval to acquire a 2.143% stake in Groww. The company is expected to be valued at $7 billion after the funding, Mint reported. The stock trading platform has picked banks including JPMorgan Chase & Co. and Kotak Mahindra Bank Ltd for an initial public offering (IPO). In March, Groww issued compulsorily convertible preference shares as a bonus to existing investors, including Peak XV and Ribbit. Also Read: Kriscore gets ₹50 crore in commitments for micro-VC fund, targets ₹200 crore Founded in 2016, the company's parent Groww Inc. began the process to move its base from Delaware to Bengaluru two years ago. That effectively made Groww's primary Indian company, Billionbrains Garage Ventures, its parent.
Time of India
16-05-2025
- Business
- Time of India
IPO-bound Groww to acquire Fisdom in $150 million all-cash deal
IPO-bound Groww to acquire Fisdom in $150 million all-cash deal BENGALURU: Investment platform Groww has signed a definitive agreement to acquire wealth-tech startup Fisdom in a deal valued at approximately $150 million, people familiar with the matter told TOI. 'The deal is entirely cash-based and is expected to close after regulatory approvals,' one of the people said. The transaction marks Groww's formal entry into the wealth management and offline advisory space. It follows the company's acquisition of Indiabulls Asset Management Company in May 2023 as part of its efforts to expand into asset management. Founded in 2015 by Anand Dalmia and Subramanya SV, Fisdom offers investment and advisory products including mutual funds, stocks, bonds, Portfolio Management Services, and tax-filing solutions. The company has partnered with over 15 national and regional banks, such as Punjab National Bank and Indian Bank, and operates more than 15 offices across India. In the financial year ended March 2024, Fisdom reported revenue of Rs 84 crore, up 28 per cent year-on-year, while net losses narrowed 19 per cent to Rs 57.4 crore. It posted Ebitda profitability in the March quarter. As per Tracxn, Fisdom has raised $48.4 million in total equity funding since its inception. Its backers include PayU, Saama Capital and Quona Capital. The deal gives Groww access to Fisdom's distribution network and a broader advisory stack, complementing its digital-first model. Groww began in 2016 as a mutual fund investment platform and expanded into stocks, IPOs, and exchange-traded funds in 2020. In September 2023, it became India's largest stock broker by active clients, according to the National Stock Exchange data, and retained a market share of over 26 per cent as of April 2025. Groww turned profitable in FY23 with revenue of Rs 1,277 crore and a net profit of Rs 449 crore. In FY24, revenue rose to Rs 3,145 crore with an operating profit of Rs 535 crore. The acquisition comes as Groww gears up for a public listing, though timelines remain fluid. 'The company has been preparing internally for an IPO, and this move strengthens its financial services portfolio ahead of that milestone,' said another person aware of the plans. Groww declined to comment on the development. Fisdom did not immediately respond to TOI's requests for comment. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
