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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
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
