Latest news with #HarshJain
Time of India
12-07-2025
- Business
- Time of India
Groww introduces demat for mutual funds. What does it mean for investors?
Groww , one of India's leading digital investment platforms, has rolled out a new feature that allows investors to hold mutual fund units in dematerialised (demat) format. The company's co-founder and COO, Harsh Jain shared on his social media platform linkedin about the new feature. The post mentioned that over the past year, many users expressed interest in holding mutual funds in demat format and now Groww is excited to announce that this feature is live, bringing investors a unified way to manage all their investments. Also Read | Glenmark Pharmaceuticals shares rally up to 20%, mutual funds lead the charge over retail investors Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » Until now, the mutual fund holdings on Groww platform were maintained in Statement of Account (SoA) format which served investors well, and millions began their mutual fund journey through the platform. Other offerings such as stocks , ETFs , and bonds—all of which are managed in demat format. Groww said that maintaining updated bank and nominee details across multiple folios in the SoA format had become unnecessarily complex. Live Events According to the investment platform, this move came in response to growing demand from customers for a more streamlined approach and the mutual fund investments on Groww will now default to demat mode after the team has worked hard over the past few months to improve this process. The investment platform said that the demat option will help investors manage all their investments —mutual funds, stocks, ETFs, and bonds— at one place in a single demat account . Updating bank account details is easier now and the redemptions will go straight to the bank account linked to the customer's Groww profile. In the demat option, multiple nominees can now be added in one go, across all investments. For those who invest exclusively in mutual funds, the demat format simplifies account management so that details like bank and nominee information are accurate and up-to-date. For investors who prefer to stay with the SoA format, Groww remains one of the few platforms that continues to offer this choice as well, the investment platform said. 'Existing investments will continue to be in SOA format, and there will be an option to move to demat if the customer wants to do so,' Groww said in a blog post. Also Read | Investors' pour Rs 47,000 crore in midcap & smallcap mutual funds in H1 CY25. What are they really chasing? According to a blog post by Groww, the benefits of holding mutual funds in demat format includes seamless bank updates, easy nominee management, pledging option, and simplified management. Using a demat option, investors can easily update bank details, and redemptions go directly to your demat-linked account, can assign multiple nominees to all your mutual funds in a ratio of your choice with just one click, use mutual fund units held in demat form as collateral for trading, and one can consolidate all their investments—mutual funds, stocks, ETFs, and more—into a single demat account, the blog post said.
Economic Times
12-07-2025
- Business
- Economic Times
Groww introduces demat for mutual funds. What does it mean for investors?
Groww, a leading investment platform in India, introduces a new feature. Investors can now hold mutual fund units in demat format. Groww, one of India's leading digital investment platforms, has rolled out a new feature that allows investors to hold mutual fund units in dematerialised (demat) format. The company's co-founder and COO, Harsh Jain shared on his social media platform linkedin about the new feature. The post mentioned that over the past year, many users expressed interest in holding mutual funds in demat format and now Groww is excited to announce that this feature is live, bringing investors a unified way to manage all their investments. Also Read | Glenmark Pharmaceuticals shares rally up to 20%, mutual funds lead the charge over retail investors Until now, the mutual fund holdings on Groww platform were maintained in Statement of Account (SoA) format which served investors well, and millions began their mutual fund journey through the platform. Other offerings such as stocks, ETFs, and bonds—all of which are managed in demat format. Groww said that maintaining updated bank and nominee details across multiple folios in the SoA format had become unnecessarily complex. According to the investment platform, this move came in response to growing demand from customers for a more streamlined approach and the mutual fund investments on Groww will now default to demat mode after the team has worked hard over the past few months to improve this process. The investment platform said that the demat option will help investors manage all their investments —mutual funds, stocks, ETFs, and bonds— at one place in a single demat account. Updating bank account details is easier now and the redemptions will go straight to the bank account linked to the customer's Groww profile. In the demat option, multiple nominees can now be added in one go, across all investments. For those who invest exclusively in mutual funds, the demat format simplifies account management so that details like bank and nominee information are accurate and up-to-date. For investors who prefer to stay with the SoA format, Groww remains one of the few platforms that continues to offer this choice as well, the investment platform said. 'Existing investments will continue to be in SOA format, and there will be an option to move to demat if the customer wants to do so,' Groww said in a blog post. Also Read | Investors' pour Rs 47,000 crore in midcap & smallcap mutual funds in H1 CY25. What are they really chasing? According to a blog post by Groww, the benefits of holding mutual funds in demat format includes seamless bank updates, easy nominee management, pledging option, and simplified management. Using a demat option, investors can easily update bank details, and redemptions go directly to your demat-linked account, can assign multiple nominees to all your mutual funds in a ratio of your choice with just one click, use mutual fund units held in demat form as collateral for trading, and one can consolidate all their investments—mutual funds, stocks, ETFs, and more—into a single demat account, the blog post said.
Time of India
01-07-2025
- Business
- Time of India
Singapore's GIC gets CCI nod to acquire minority stake in Groww
Fair trade regulator CCI on Tuesday cleared Singapore's sovereign wealth fund GIC 's proposed acquisition of a 2.14 per cent stake in IPO-bound Billionbrains Garage Ventures, the parent company of investment tech unicorn Groww. GIC, through its affiliate, Viggo Investment Pte (GIC Investor), is acquiring a stake in Groww. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nhà tiền chế 2025: Lựa chọn nhà ở giá cả phải chăng (Xem ngay) Nomad's Notebook Undo "The proposed combination relates to the acquisition of 2.143 per cent shareholding in Billionbrains Garage Ventures Ltd (Groww) by Viggo Investment Pte Ltd (GIC Investor) pursuant to the execution of, inter alia, a Deed of Adherence and Share Subscription Agreement dated 28th April 2025," the Competition Commission of India (CCI) said in a release. Groww, which operates an online trading platform, offers stock trading, mutual fund investments and other financial instruments. The company also has an asset management business. "CCI approves acquisition of shares of Billionbrains Garage Ventures Limited by Viggo Investment Pte Ltd," the regulator said in a post on X. Live Events Viggo Investment is a special purpose vehicle and is wholly owned by Enterprise Holding, which in turn, is a wholly-owned subsidiary of GIC (Ventures) Pvt Ltd. Last month, Billionbrains Garage Ventures filed IPO papers with Sebi for an initial share sale through a confidential pre-filing route, with an aim to raise between USD 700 million and USD 1 billion, said industry sources familiar with the development. According to reports, Groww was in discussions in March this year to raise nearly USD 250 million in a pre-IPO funding round, which was led by GIC, while other existing investors also participated. Following the funding, Groww's valuation stood at nearly USD 6.8 billion, more than double the USD 3.1 billion it had recorded in its last funding round in 2021. Bengaluru-based Groww was founded in 2016 by former Flipkart executives Harsh Jain, Lalit Keshre, Neeraj Singh, and Ishan Bansal. For FY24, Groww reported a net loss of Rs 805 crore primarily due to a one-time tax payment of Rs 1,340 crore for shifting its domicile to India from the US. However, the Tiger Global-backed company maintained its operational profitability at Rs 535 crore for FY24 compared to Rs 458 crore for FY23, marking an increase of 17 per cent. Its revenues surged to Rs 3,145 crore for the financial year that ended on March 31, 2024, higher by 119 per cent than Rs 1,435 crore in the preceding fiscal year .
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Business Standard
01-07-2025
- Business
- Business Standard
CCI approves GIC's move to acquire 2.14% stake in Groww ahead of IPO
Fair trade regulator CCI on Tuesday cleared Singapore's sovereign wealth fund GIC's proposed acquisition of a 2.14 per cent stake in IPO-bound Billionbrains Garage Ventures, the parent company of investment tech unicorn Groww. GIC, through its affiliate, Viggo Investment Pte (GIC Investor), is acquiring a stake in Groww. "The proposed combination relates to the acquisition of 2.143 per cent shareholding in Billionbrains Garage Ventures Ltd (Groww) by Viggo Investment Pte Ltd (GIC Investor) pursuant to the execution of, inter alia, a Deed of Adherence and Share Subscription Agreement dated 28th April 2025," the Competition Commission of India (CCI) said in a release. Groww, which operates an online trading platform, offers stock trading, mutual fund investments and other financial instruments. The company also has an asset management business. "CCI approves acquisition of shares of Billionbrains Garage Ventures Limited by Viggo Investment Pte Ltd," the regulator said in a post on X. Viggo Investment is a special purpose vehicle and is wholly owned by Enterprise Holding, which in turn, is a wholly-owned subsidiary of GIC (Ventures) Pvt Ltd. Last month, Billionbrains Garage Ventures filed IPO papers with Sebi for an initial share sale through a confidential pre-filing route, with an aim to raise between $700 million and $1 billion, said industry sources familiar with the development. According to reports, Groww was in discussions in March this year to raise nearly $250 million in a pre-IPO funding round, which was led by GIC, while other existing investors also participated. Following the funding, Groww's valuation stood at nearly $6.8 billion, more than double the $3.1 billion it had recorded in its last funding round in 2021. Bengaluru-based Groww was founded in 2016 by former Flipkart executives Harsh Jain, Lalit Keshre, Neeraj Singh, and Ishan Bansal. For FY24, Groww reported a net loss of ₹805 crore primarily due to a one-time tax payment of ₹1,340 crore for shifting its domicile to India from the US. However, the Tiger Global-backed company maintained its operational profitability at ₹535 crore for FY24 compared to ₹458 crore for FY23, marking an increase of 17 per cent. Its revenues surged to ₹3,145 crore for the financial year that ended on March 31, 2024, higher by 119 per cent than ₹1,435 crore in the preceding fiscal year.
Time of India
27-06-2025
- Business
- Time of India
Wakefit joins IPO queue; Pine Labs DRHP, decoded
Next Wakefit joins IPO queue; Pine Labs DRHP, decoded Want this newsletter delivered to your inbox? Also in the letter: Wakefit files for IPO to raise Rs 468 crore Catch up quick: Peak XV Partners: 25 million shares 25 million shares Verlinvest: 10.2 million shares 10.2 million shares Investcorp: 6.1 million shares 6.1 million shares Paramark Ventures: 3.1 million shares Also Read: Use of proceeds: Rs 227 crore has been earmarked to open 118 new retail outlets and upgrade existing ones. Rs 108 crore will go towards marketing and brand building. By the numbers: Revenue for the first nine months of FY25 stood at Rs 971 crore, with a net loss of Rs 8.8 crore. FY24 revenue came in at Rs 986 crore, with a net loss of Rs 15 crore. As of December 2024, the company had 98 offline stores across India. The backstory: Decoding Pine Labs' Rs 2,600 crore IPO play Who's selling? Harsh Jain (Dream11) Sriharsha Majety (Swiggy) Girish Mathrubootham (Freshworks) Gaurav Munjal (Unacademy) Alok Mittal (Indifi) Built by M&A: Qwikcilver (2019): Entered gift cards. Entered gift cards. Mosambee (2022): Tapped into SME merchants. Tapped into SME merchants. Fave (2020-21): Forayed into Southeast Asia and Indian UPI merchants. Forayed into Southeast Asia and Indian UPI merchants. It has also since expanded its gift card business to the US and Australia, while also entering online payments to take on Razorpay and Paytm. By the numbers: FY24 revenue: Rs 1,344 crore (vs Rs 933 crore in FY22). Rs 1,344 crore (vs Rs 933 crore in FY22). 9M FY25 profit: Rs 26 crore. Rs 26 crore. 9M FY24 net loss: Rs 151.6 crore. Rs 151.6 crore. Expenses: Up from Rs 1,402 crore (FY23) to Rs 1,622 crore (FY24). Future bets: Mid-market and UPI-first small merchants. International push across Southeast and West Asia. Inorganic growth while staying acquisitive. 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: AI at work: Job cuts and tech leader opinions CEOs' speak: Huang cautioned, 'You are not going to lose your job to AI, but you are going to lose your job to somebody who uses AI.' Amodei went further, predicting that nearly half of all entry-level white-collar roles could soon vanish. Zoho's Sridhar Vembu called it a 'sobering' reality, warning that the coming productivity boom in software could wipe out many developer jobs. Info Edge CEO Hitesh Oberoi offered a gentler take, urging workers to reskill and adapt as the nature of work evolves with AI at the heart of it. Yes, but: SoftBank goes all in on artificial super intelligence What he said: The vision: Acquired US chip design firm Ampere for $6.5 billion. Committed up to $40 billion to OpenAI, with $32 billion already invested. Son expects OpenAI to go public and declared, 'I'm all in on OpenAI.' Also Read: Why it matters: Also Read: Ex-OpenAI researcher confirms move to Meta, denies $100 million payout Driving the news: Beyer, alongside Alexander Kolesnikov and Xiaohua Zhai from OpenAI's Zurich office, was reportedly lured by Meta to join Mark Zuckerberg's newly formed 'superintelligence' team, according to The Wall Street Journal. OpenAI chief Sam Altman took a swipe at Meta's hiring tactics, claiming the company was using bloated pay packages to compensate for its supposed lack of innovation. Yes, but: Tell me more: Mattress and home furniture brand Wakefit is heading to the bourses. This and more in today's ETtech Top 5.■ How AI will reshape jobs■ SoftBank's ASI ambitions■ Meta CTO slams Sam Altman(L-R) Ankit Garg and Chaitanya Ramalingegowda, founders, WakefitBengaluru-based Wakefit has filed its draft red herring prospectus (DRHP) with Sebi, looking to raise Rs 468 crore through a fresh issue. The mattress and home furniture brand plans to use the funds to ramp up offline expansion and double down on IPO also includes an offer-for-sale (OFS) of 58.4 million shares by existing Elevation Capital has chosen not to participate in the in 2016 as a direct-to-consumer mattress startup, Wakefit has since grown into a broader home furniture player. It now competes with legacy brands like Sheela Foram (which owns Sleepwell and Kurl-On) as well as new-age rivals such as The Sleep Company and this move, Wakefit joins a growing list of startups headed to the public markets, alongside names like Groww Urban Company , and Meesho Amrish Rau, CEO, Pine LabsNoida-based merchant payments platform Pine Labs filed its draft red herring prospectus (DRHP) with Sebi, setting the stage to raise Rs 2,600 crore through fresh issue and offer for sale (OFS) of up to 147.8 million shares. The company is eyeing a valuation of $4-5 billion , per sources cited by ET on June XV Partners, once the dominant shareholder with nearly 90%, now holds around 20%. Other major backers exiting or paring stakes include Mastercard, PayPal, and Temasek. The cap table also includes well-known founders:From its origins as a point of sale (PoS) solutions provider for large retailers, Pine Labs has pivoted into a full-stack fintech platform, fueled largely by DRHP outlines a push into product development, payments infrastructure, and credit offerings. Pine Labs intends to double down on:It also wants to deepen credit-at-checkout and digitise bank-led merchant 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 April, the United Nations Conference on Trade and Development (UNCTAD) sounded the alarm: artificial intelligence could affect up to 40% of jobs globally . Several other reports echo this looming shift in the world of work Global tech leaders aren't mincing words either. Former Google CEO Eric Schmidt , Nvidia CEO Jensen Huang, and Anthropic CEO Dario Amodei have all weighed tech voices are equally candid:Not everyone's charging ahead just yet. Klarna CEO Sebastian Siemiatkowski said the firm scaled back AI in customer support after it hurt service Son, CEO, SoftBankSoftBank CEO Masayoshi Son has laid out an audacious plan to make the group the world's leading platform for artificial super intelligence (ASI) within the next decade.'We want to become the organiser of the industry in the artificial super intelligence era,' Son told shareholders, comparing his vision to the platform dominance of Microsoft, Amazon, and Google, which have all benefitted from 'winner takes all' defines ASI as intelligence that outperforms humans by a factor of 10, it up with capital:After misfires like WeWork , SoftBank is returning to high-stakes tech investing, this time placing AI and chip infrastructure at the heart of its battle for high-level AI talent is heating up. Lucas Beyer, one of three senior researchers who recently left OpenAI for Meta, has confirmed his move to the social media giant, but pushed back on reports that the trio received a $100 million signing bonus Meta's chief technology officer Andrew 'Boz' Bosworth hit back at an internal meeting on Thursday, telling staff that Altman's comments were inaccurate, The Verge reported. 'Sam is known to exaggerate,' Boz said, adding, 'And in this case, I know why he's doing it, which is because we are succeeding at getting talent from OpenAI.'Meta's AI ambitions have shifted to high gear in recent months. The company is pouring money into its efforts, including investing $14.3 billion into Scale AI for a 49% stake in the AI startup. It has also brought onboard Scale's 28-year-old founder Alexandr Wang to strengthen this aggressive push.
