Latest news with #LalitKeshre
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.
New Indian Express
06-06-2025
- Business
- New Indian Express
Fintech start-up Decentro to flip back to India; raises Rs 30 crore
BENGALURU: After PhonePe and Razorpay, now Decentro, the API banking platform, will shift its parent entity from Singapore to India over the next 12-18 months. The decision reflects a broader trend of Indian fintech companies choosing to domicile in India. "This flip is a strong statement of our commitment to India and our belief in its capacity to foster and scale global financial infrastructure companies. We are building not just for India, but from India for global opportunities,' said Pratik Daudkhane, Co-founder of Decentro. Fintech start-up Decentro, which handles over Rs 50,000 crore in annual payment volumes, on Friday announced that it has raised Rs 30 crore in its Series B funding round. So far, the company has raised a total of 8.19 million dollars. The round was led by InfoEdge Ventures, with participation from Stargazer Growth—backed by Groww CEO Lalit Keshre—and existing investors including Uncorrelated Ventures. The funding comes at a time when Decentro has turned profitable. The company said it will use the fresh capital to drive enterprise adoption, improve its product capabilities, and strengthen go-to-market efforts across financial institutions such as banks, NBFCs, fintech firms, and digital lenders. 'This fund raise allows us to double down on what's working well; deep partnerships with enterprise customers and building products that power mission-critical financial flows. India is where it all started, and we want to make this our long-term base with the eventual flip,' said Rohit Taneja, Co-founder & CEO of Decentro. Decentro's plans come at a time when Indian fintechs are increasingly choosing to base themselves in India. Recently, unicorn Razorpay moved its domicile from the US to India and will pay about Rs 1,275 crore in taxes. The company is aiming for an IPO before the end of the calendar year 2026. In 2022, another fintech player, PhonePe, also shifted its base from Singapore to India, with its investors paying Rs 8,000 crore in taxes to complete the move.
Time of India
06-06-2025
- Business
- Time of India
Fintech startup Decentro raises Rs 30 crore, will shift domicile to India
Y Combinator-backed fintech startup Decentro has raised Rs 30 crore in a funding round led by InfoEdge Ventures . In making the announcement, the company also said it plans to shift its parent entity's domicile from Singapore to India over the next 12 to 18 months. The round saw Stargazer Growth (backed by Groww cofounder Lalit Keshre) and existing investors, including Uncorrelated Ventures, also participate. The fresh capital will be used by the Bengaluru-based company to deepen enterprise adoption and enhance its product capabilities, among other initiatives. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Direct Shopping From Adidas Franchise to 50% off Adidas Buy Now Undo Decentro claims to have achieved profitability and built a client base of over 1,300 enterprises, including banks, non-banking finance companies (NBFCs), and fintechs. Founded in 2020 by Rohit Taneja and Pratik Daudkhane, the company offers a suite of application programming interfaces (APIs) across customer onboarding through know your customer (KYC), data intelligence, payments, and debt collections. Live Events 'Our goal has always been to make financial and banking infrastructure simple, secure, and reliable at scale. This fundraise allows us to double down on what's working well; deep partnerships with enterprise customers and building products that power mission-critical financial flows,' said Taneja, who is the CEO of the firm. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 'India is where it all started, and we want to make this our long-term base with the eventual flip,' he added. Among Decentro's recent products are a real-time profiling engine called Scanner, and Neobot, a multilingual AI voice agent for automated debt collections. With the decision to relocate to India, Decentro joins a growing list of Indian startups shifting domicile from overseas markets like the US and Singapore as IPO ambitions rise and regulatory clarity improves. The latest fintech company to complete a reverse flip was Razorpay , following Groww, which completed the process in May 2024 and has since confidentially filed for an IPO with the Securities and Exchange Board of India (Sebi). Dream Sports, the parent of Dream11, was the first to complete a reverse flip under the new fast-track framework, as reported by ET on March 4. These updated rules allow foreign holding entities to merge with their Indian subsidiaries without requiring National Company Law Tribunal (NCLT) approval, a process that earlier took months. Other companies that have completed the move include PhonePe and Zepto, while Meesho, KreditBee, InMobi, Udaan, and Pine Labs are expected to follow soon. 'This flip is a strong statement of our commitment to India and our belief in its capacity to foster and scale global financial infrastructure companies. We are building not just for India, but from India for global opportunities,' said Daudkhane.
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Business Standard
06-06-2025
- Business
- Business Standard
Fintech firm Decentro initiates reverse-flip process from Singapore
This comes at a time when the Bengaluru-based firm is raising about ₹30 crore as part of the Series-B funding round led by InfoEdge Ventures Ajinkya Kawale Mumbai Listen to This Article Fintech firm Decentro has initiated its reverse flip, starting the process to shift its jurisdiction from Singapore to India within the next 12 months, a senior company executive said. This comes at a time when the Bengaluru-based firm is raising about ₹30 crore as part of the Series-B funding round led by InfoEdge Ventures along with Groww founder Lalit Keshre's fund Stargazer Growth, and existing investors. The latest round of funding will enable the company to scale its existing line of products, including Know Your Customer (KYC) and onboarding, debt collections, and payments. 'I feel the (flip) can be done
