Latest news with #Groww
India.com
2 days ago
- Business
- India.com
Meet Dhirubhai Ambani's 'third son', he and Mukesh Ambani studied together, own a house near Antilia, his net worth is Rs...
Meet Dhirubhai Ambani's 'third son', he and Mukesh Ambani studied together, own a house near Antilia, his net worth is Rs... In the world of big business and billionaires, we often see the famous names taking the spotlight and getting all the recognition, but what remains behind the curtains are the key team players who are integral to building any empire. One such tale is of a person who has played a big role in the growth of Reliance, he is Mukesh Ambani's childhood friend, his most trusted advisor, and someone who is popularly referred to as Dhirubhai Ambani's third son. The person we are talking about is Anand Jain, Mukesh Ambani's school friend. Mukesh and Anand studied together at Hill Grange School in Mumbai. Having a relationship of over 25 years, Anand has been very close to the entire Ambani family dynasty, especially Dhirubhai Ambani. Their relationship wasn't just emotional; Anand was so loyal to the Ambani family that he even left his own Delhi business to work with Mukesh Ambani in Reliance Industries when he came back to India. From real estate, telecom, to finance, Anand has played an integral role in the growth and expansion of Reliance Industries. In fact, according to the media, it is reported that besides his great contribution to the Reliance Industry, he never took a salary for his work. Besides his contribution to Mukesh Ambani's empire, Anand also runs his own business. With over 30 years of experience in real estate, finance, and capital markets, Anand is the chairman of Jai Cop Limited. Anand has also made significant investments in approximately 33 projects in 14 cities across India. Today, his net worth is around $525 million. Taking the legacy forward, his son, Harsh Jain, also owns an empire. he is the co-founder and CEO of Dream11 and Groww. Dream 11 is India's top sports platform and is currently a million-dollar company, which has partnered with A-list cricketers like Rohit Sharma, MS Dhoni, and Hardik Pandya. Groww, on the other hand, is an online financial services platform that offers investment opportunities. Speaking of Harsh Jain's personal life, he tied the knot in 2013 with dentist Rachna Shah. Rachna also gathered a lot of eyeballs in the past after she purchased a duplex apartment next to Mukesh Ambani's Antilla. The apartment is on the 29th and 30th floors and is considered to be Mumbai's most expensive building. The luxurious apartment is worth a whopping Rs. 72 crores Away from the limelight, Anand Jain is a paramount part of Ambani's family, both personally and professionally. His loyalty and commitment show what true relationships that surpass the level of friendship look like.
Time of India
3 days ago
- Business
- Time of India
Groww files for IPO; FirstCry, Awfis report Q4 earnings
Groww files for IPO; FirstCry, Awfis report Q4 earnings Also in the letter: Groww files draft papers for IPO, eyes $700 million to $1 billion listing The details: IPO size estimated between $700 million and $1 billion. Groww would be the first fintech to go public after redomiciling to India. An increasing number of tech firms are opting for confidential filings to seek regulatory feedback. Pre-IPO dough: On March 26, ET reported that Groww was in talks to raise $250-300 million from Singapore's sovereign fund GIC, potentially at a valuation of $6.5 billion. On May 16, GIC formally approached India's competition watchdog for approval to invest $150 million in exchange for a 2.14% stake. If approved, the deal could double Groww's $3 billion post-money valuation from 2021. Financials: FY24 operating revenue stood at Rs 3,145 crore. Net loss was Rs 805 crore, primarily due to a one-time tax expense related to its shift back to India. Operating profit came in at Rs 535 crore. Also Read: FirstCry's Q4 loss widens to Rs 111 crore; full-year Ebdita improves By the numbers: Full-year FY25 loss: Rs 265 crore vs Rs 322 crore in FY24. Rs 265 crore vs Rs 322 crore in FY24. FY25 revenue: Rs 7,660 crore, up 18% YoY. Rs 7,660 crore, up 18% YoY. Adjusted Ebdita: Rs 100 crore in Q4, up from Rs 84 crore in Q4FY24. Rs 100 crore in Q4, up from Rs 84 crore in Q4FY24. Gross profit: Rs 1,206 crore in Q4, margin at 37.5%. Segment revenue (Q4FY25): India multi-channel: Rs 1,337 crore. Rs 1,337 crore. GlobalBees: Rs 398 crore. Rs 398 crore. International: Rs 125 crore. Rs 125 crore. Others: Rs 11 crore. Nazara Technologies Q4 revenue nearly doubles; net profit rises to Rs 4 crore Financials: Operating revenue: Rs 520.2 crore, up 95% year-on-year (YoY). Rs 520.2 crore, up 95% year-on-year (YoY). Net profit: Rs 4 crore, up from Rs 0.18 crore a year ago. Rs 4 crore, up from Rs 0.18 crore a year ago. Esports revenue: up 47% YoY; Gaming division revenue: up 72% YoY. up 47% YoY; Gaming division revenue: up 72% YoY. Total expenses: Rs 527.7 crore, up 85% YoY. Rs 527.7 crore, up 85% YoY. Advertising and promotional spend: Rs 151.03 crore. Awfis net profit rises nine-fold in Q4, revenue up 46% Financials: Operating revenue: Rs 339 crore Q4. Rs 339 crore Q4. Net profit: Rs 11.3 crore, up from Rs 1.2 crore a year ago. Rs 11.3 crore, up from Rs 1.2 crore a year ago. Total expenses: Rs 347 crore, up from 239 crore YoY. Rs 347 crore, up from 239 crore YoY. FY25 revenue: Rs 1,207 crore, up 42% from Rs 849 crore in FY24. Rs 1,207 crore, up 42% from Rs 849 crore in FY24. FY25 net profit: Rs 68 crore, compared to a Rs 17 crore loss in FY24. Also Read: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Zepto founder Aadit Palicha alleges smear campaign by rival CFO as quick commerce race heats up What's the news: Financials: Monthly gross order value rose from Rs 750 crore in May 2024 to Rs 2,400 crore in May 2025. Ebitda improved by 2,000 basis points between January and May 2025. GOV grew 20% in the same period. Cash runway stands at Rs 7,445 crore. Also Read: Cut-throat space: Eternal-owned Blinkit led the March quarter with Rs 9,421 crore in GOV. Swiggy's Instamart followed with Rs 4,670 crore, twice its figure from a year ago. Blinkit also leads in dark stores, operating 1,300+ and targeting 2,000 by the end of 2026. Zepto and Instamart crossed 1,000 this year. Space-tech companies get an opening as India seeks more eyes in the sky Current state: India currently operates about 10–11 defence satellites, mainly from the Cartosat and RISAT series. While effective, Bhatt noted that their long revisit times limit continuous surveillance. Quote, unquote: Tell me more: Private players will build 31 satellites, with ISRO handling 21. Startups and geographic information system (GIS) firms are stepping in with new satellites, better analytics tools, and upgraded ground stations to meet this rising demand. OpenAI to open office in Seoul amid growing demand for ChatGPT Driving the news: South Korea has the highest number of paying ChatGPT users after the United States, OpenAI said. The company has begun hiring locally to support partnerships in the region and plans to share further details in the coming months. OpenAI previously partnered with chat app operator Kakao to develop AI products tailored for the South Korean market. Official statement: Wealthtech platform Groww is heading for the public markets after confidentially filing its draft IPO papers. This and more in today's ETtech Top 5.■ Zepto CEO shrugs smears■ India's eyes in the skies■ OpenAI's new Asian outpost(L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, founders, GrowwOnline investment platform Groww has moved a step closer to its Dalal Street debut by confidentially filing its draft red herring prospectus (DRHP) with the market regulator, as per a public notice on March IPO is expected to be among the largest by size, joining the ranks of new-age peers such as Swiggy, Zomato and Maheshwari, CEO, FirstCryBrainbees Solutions, which operates omni-channel baby products retailer FirstCry, reported a consolidated net loss of Rs 111 crore in Q4 FY25 — widening from Rs 43 crore in the year-ago period and Rs 15 crore in the previous quarter. Operating revenue stood at Rs 1,930 crore, up 16% year-on-year but down 11% company said 38% of GMV from its top 20 cities came from cross-channel users transacting both online and Mittersain, CEO, Nazara TechnologiesOnline gaming firm Nazara Technologies posted a strong growth in operating revenue and net profit for the fourth quarter of Lakhani, CEO, AwfisOffice space solutions provider Awfis recorded a 46% rise in operating revenue for the March quarter, driven by greater contributions from enterprise clients, allied services and improved operating Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Palicha, CEO, ZeptoZepto founder and CEO Aadit Palicha has accused a senior executive at a rival quick commerce firm of orchestrating a smear campaign, claiming the executive circulated false information to investors and a LinkedIn post, Palicha said a competitor's CFO made 'wild allegations' without empirical evidence, sharing 'false numbers and Excel sheets' with journalists via proxy sources. He also alleged that bots were unleashed to tarnish Zepto's online suggested the smear effort signals growing anxiety among rivals about 'how fast Zepto's Ebitda is improving' despite the competitor hailing from a 'high-quality company.'To back his claims, Palicha outlined Zepto's performance:Zepto remains a standalone player in a sector dominated by big-backed is ramping up its satellite-based Intelligence, Surveillance and Reconnaissance (ISR) capabilities in the wake of Operation Sindoor, Lt Gen AK Bhatt (Retd), director general of the Indian Space Association (IspA), told us.'The Space Based Surveillance (SBS-III) programme is critical, but with a 4-5 year timeline, there's pressure to fast-track it and reduce dependence on foreign or commercial satellite data after the escalations between the two countries,' said Bhatt, a former DGMO who handled the Doklam SBS-III programme will deploy 52 Indian-owned and operated satellites, offering real-time imagery from low Earth and geostationary will open its first office in Seoul and has registered a local entity in South Korea, citing growing demand for ChatGPT in the country, the company announced on Monday."Korea's full-stack AI ecosystem makes it one of the most promising markets in the world for meaningful AI impact, from silicon to software, and students to seniors," chief strategy officer Jason Kwon said in a statement.
Time of India
3 days ago
- Business
- Time of India
Groww files confidential IPO papers, seeks to raise up to $1 billion
NEW DELHI: Groww, a retail broking platform in India, has filed draft papers with Sebi for an initial public offering ( ) estimated between $700 million to $1 billion. The IPO will be a mix of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders, sources told news agency PTI on Monday. Tired of too many ads? go ad free now The filing was done through the confidential pre-filing route, a mechanism that allows companies to test investor interest and regulatory feedback without immediate public disclosure. The company, which is backed by marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, plans to use proceeds of the IPO for investment in technology development and business expansion. The company has selected JP Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd, and Motilal Oswal Securities Ltd to handle the offering. Established in 2016, Groww has emerged as India's fastest-growing retail broking platform in FY25, commanding over 26 per cent market share as of March 2025. In FY25, the platform registered 34 lakh new accounts, with its active client base increasing from 95 lakh in March 2024 to 1.29 crore in March 2025, showing a 36 per cent annual growth. This substantial growth stems from Groww's mobile-first, accessible interface and its dedication to investor education, which has attracted retail investors nationwide. The platform leads in digitalising retail investing in India, offering straightforward access to financial markets and fostering informed investment practices. The company maintained strong performance in FY24, with operating profit of Rs 535 crore and revenue of Rs 3,145 crore. However, it reported a net loss of Rs 805 crore in FY24, mainly due to a one-time tax payment of Rs 1,340 crore linked to its India domicile transition. Tired of too many ads? go ad free now Groww achieved profitability in FY23, recording Rs 449 crore in profit and Rs 1,277 crore in revenue. Groww has selected the confidential pre-filing route, allowing it to delay public disclosure of IPO details under the DRHP until later stages, a strategy gaining popularity among Indian companies seeking flexibility in IPO planning. Earlier this month, Shiprocket submitted IPO documents through the same route. Recently, Tata Capital, PhysicsWallah and Imagine Marketing, boAt's parent company, also opted for confidential filings. In 2024, Swiggy and Vishal Mega Mart launched their IPOs following similar filings. OYO had used this approach in 2023 but did not proceed with its offering.
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Business Standard
3 days ago
- Business
- Business Standard
Groww parent Billionbrains files confidential IPO papers with Sebi
Billionbrains Garage Ventures, the parent company of Groww, has confidentially filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi). The Bengaluru-based company disclosed the filing through a newspaper advertisement on Monday. The IPO size is estimated at ₹8,000 crore and will include both primary and secondary shares. This will make it the largest-ever offering by a capital market firm in India. In November last year, Groww re-domiciled from the United States to India to pursue a listing on domestic stock exchanges. The stock broker is backed by investors such as Tiger Global, Peak XV Partners and Ribbit Capital. Earlier this month, Singapore's sovereign wealth fund GIC sought approval from the Competition Commission of India (CCI) to acquire a 2.14 per cent stake in the company. This is part of the pre-IPO funding round, which could take the company's valuation to around $6.5 billion — double its 2021 valuation of $3 billion during its Series E fundraise. For the financial year ended March 2024, the company reported revenue of ₹3,145 crore and a net loss of ₹805 crore, driven in part by a one-time tax expense related to the relocation. Groww surpassed Zerodha last year to become the largest stock broker in terms of number of clients. As of March 2025, Groww's active clients rose 36 per cent to nearly 13 million, boosting its market share by 286 basis points to 26.3 per cent. Zerodha's market share in FY25 fell by 184 basis points to 16 per cent. However, Zerodha remains the most profitable stock broker. Groww also joins a slew of firms opting for the confidential filing route for IPOs. These include Physics Wallah, Tata Capital and Imagine Marketing (Boat).
Mint
3 days ago
- Business
- Mint
Groww IPO: Billionbrains Garage Ventures files DRHP via confidential filing route. Details here
Groww IPO: The parent company of stock broking firm Groww, Billionbrains Garage Ventures, has filed a draft red herring prospectus (DRHP) with the stock market regulator Securities and Exchange Board of India for an initial public offering (IPO). The DRHP, filed on May 24, is via a confidential pre-filing route. According to a PTI report, citing sources, Groww could look to raise between $700 million to $1 billion via the initial share sale. Groww, which is India's fastest-growing retail broking platform, is backed by several marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella. As per the PTI report, Groww is looking to use the proceeds from the IPO, which is a combination of fresh share sale and offer for sale (OFS), for investment in technology development and business expansion. To manage the offering, Groww has appointed JP Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd, and Motilal Oswal Securities Ltd. The company plans to list its shares on the mainboard — the National Stock Exchange and BSE Limited. Groww is a Bengaluru-based investment platform founded in 2016 by former Flipkart executives Harsh Jain, Lalit Keshre, Neeraj Singh, and Ishan Bansal. For the full financial year 2023-2024 (FY24), Groww reported strong financial growth despite a one-time tax hit. The company incurred a net loss of ₹ 805 crore for the year, primarily due to a one-time tax expense of ₹ 1,340 crore related to shifting its domicile from the US to India. Operationally, Groww remained profitable, posting an operating profit of ₹ 535 crore in FY24—up 17% from ₹ 458 crore in FY23. Groww's revenue more than doubled to ₹ 3,145 crore in FY24, a 119% increase from ₹ 1,435 crore in the previous year. Earlier this month, Singapore's sovereign wealth fund GIC sought fair trade regulator CCI's approval to acquire a 2.14% stake in Billionbrains Garage Ventures, a PTI report on May 15 said. Groww, like many other companies lately, has opted for the confidential pre-filing route. It's a mechanism that allows companies to withhold the details before making their IPO plans public. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans. Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving Sebi's approval, the pre-filing route extends this window to 18 months from the receipt of final comments. Additionally, firms can modify the primary issue size by up to 50 per cent until the updated DRHP stage. Several prominent companies like Shiprocket, Tata Capital, PhysicsWallah and Imagine Marketing have opted for confidential pre-filing of their IPOs. Tata Play, formerly Tata Sky, was the first Indian company to utilise the confidential filing option in December 2022 and received Sebi's observation letter in April 2023, though it later withdrew from the public issue, according to a report.
