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Business Standard
3 days ago
- 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
15-05-2025
- Business
- Time of India
Singapore's GIC seeks CCI nod to acquire 2% stake in Groww
Singapore's sovereign wealth fund GIC has sought fair trade regulator CCI's approval to acquire a 2.14% stake in Billionbrains Garage Ventures , the parent company of investment tech unicorn Groww. GIC through its affiliate, Viggo Investment Pte (GIC Investor), will acquire stake in Groww. "The proposed combination relates to the acquisition of 2.14% shareholding in Groww by the GIC investor, pursuant to the execution of, inter alia, a deed of adherence and share subscription agreement on April 28, 2025," a notice filed with the Competition Commission of India (CCI) said on Tuesday. Groww, which operates an online trading platform, offers stock trading, mutual fund investments and other financial instruments. The company also has its own asset management business. The transaction falls under Section 5(a) of the Competition Act, 2002, which pertains to acquisitions and combinations requiring approval from the competition watchdog. 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. Live Events The proposed acquisition would not alter the competitive dynamics of any relevant market in India, GIC submitted to CCI, adding that a precise market definition was unnecessary as the deal does not raise any competition concerns. 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 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 Singapore's GIC, while other existing investors also participated. Following the funding, Groww's valuation stood at nearly $6.8 billion, more than double of 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 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 as compared to Rs 458 crore for FY23, marking an increase of 17%. Its revenues surged to Rs 3,145 crore for the financial year that ended on March 31, 2024, higher by 119% than Rs 1,435 crore in the preceding fiscal year.
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Business Standard
28-04-2025
- Business
- Business Standard
Tiger Global-backed Urban Company files draft papers for $223 million IPO
The online services aggregator plans to use over half of the funds raised from new shares for developing tech offerings Reuters India's Tiger Global-backed Urban Company filed for an initial public offering of 19 billion Indian rupees ($223 million), its draft papers released on Monday showed. Urban Company, which provides mobile app-based beauty and home care services, will raise up to 4.29 billion rupees by selling new shares, while existing investors plan to offload stock worth Rs 14.71 billion. The online services aggregator plans to use over half of the funds raised from new shares for developing tech offerings, and the rest largely for office leases and marketing. Urban Company operates in 59 cities across India, UAE and Saudi Arabia. The firm, also backed by Bessemer Venture Partners, joins a list of startups that are looking to or have already filed to go public, such as Physics Wallah, PhonePe and Flipkart. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
25-04-2025
- Automotive
- Time of India
How IPO-bound Ather Energy stacks up against Ola Electric, Bajaj Auto, Hero Moto, TVS Motor
Ather Energy will soon become the second pure-electric two-wheeler player listed on Indian exchanges. But a look at the business metrics puts the Tiger Global-backed EV maker way behind its listed peers. Going by Ather's offerings, Ola Electric Mobility stands out as its closest listed competitor. Both companies ended the nine months to December 2024 with losses. Ather posted a loss of nearly Rs 578 crore, while Ola Electric had a loss of Rs 1,406 crore during the period, according to the former's red herring prospectus. Ather's other listed peers — Bajaj Auto , Hero MotoCorp and TVS Motor — had bottom-line prints in the black for the nine months ended December 2024. These two-wheeler majors had net profits of Rs 5,523 crore, Rs 3,207 crore and Rs 1,682 crore, respectively. Ather reported revenue of Rs 1,579 crore in this period, compared to Rs 3,903 crore for Ola Electric. Bajaj Auto, Hero Moto and TVS Motor reported toplines of Rs 38,348 crore, Rs 30,954 crore and Rs 32,843 crore, respectively. The key thing to note, however, is that these three have a long list of offerings beyond their electric portfolio. Ola, however, still held the biggest market share in the electric two-wheeler space three quarters into fiscal year 2025, despite ceding ground to peers. The Bhavish Aggarwal-led company had a 34.08% market share, followed by TVS Motor and Bajaj Auto at 19.44% and 18.11%, respectively. Ather Energy is second to last with 10.7% market share, while Hero MotoCorp managed the last space in the cohort with a 4.3% market share. On the sales front, Ola Electric sold 3.08 lakh units in the first nine months of fiscal year 2025, compared to 1.08 lakh units sold by Ather Energy. Going into the IPO, Ather is now focussing on two new platforms, the EL scooter and Zenith motorcycle, Nuvama noted in a report following a meeting with the management. The company will focus on expanding its network more in the non-South regions; the southern region accounted for 61% of its sales in the nine months to December. Ather is also adding capacity with a new manufacturing facility at Chhatrapati Sambhajinagar in Maharashtra. The first phase of the upcoming facility will add 5 lakh units a year by March 2027. At its full potential, the plant will produce 10 lakh units. The company currently operates a facility in Hosur, Tamil Nadu, with an annual capacity of 4.2 lakh electric two-wheelers and 3.8 lakh battery packs. At the upper end of the price band, Ather Energy is looking to raise Rs 2,981 crore from the primary market at a valuation of Rs 11,960 crore. The offer includes fresh issue of shares worth Rs 2,626 crore, and an offer for sale worth Rs 355 crore by cofounders Tarun Mehta and Swapnil Jain and other shareholders, including Tiger Global, GIC , NIIF and IIT Madras. The initial public offering opens on April 28 and will continue till April 30. Ather Energy's shares are likely to be listed on May 6.
Time of India
24-04-2025
- Automotive
- Time of India
How IPO-bound Ather Energy stacks up against Ola Electric, Bajaj Auto, Hero Moto, TVS Motor
Ather Energy will soon become the second pure-electric two-wheeler player listed on Indian exchanges. But a look at the business metrics puts the Tiger Global-backed EV maker way behind its listed peers. Going by Ather's offerings, Ola Electric Mobility stands out as its closest listed competitor. Both companies ended the nine months to December 2024 with losses. Ather posted a loss of nearly Rs 578 crore, while Ola Electric had a loss of Rs 1,406 crore during the period, according to the former's red herring prospectus. Ather's other listed peers — Bajaj Auto , Hero MotoCorp and TVS Motor — had bottom-line prints in the black for the nine months ended December 2024. These two-wheeler majors had net profits of Rs 5,523 crore, Rs 3,207 crore and Rs 1,682 crore, respectively. Ather reported revenue of Rs 1,579 crore in this period, compared to Rs 3,903 crore for Ola Electric. Bajaj Auto, Hero Moto and TVS Motor reported toplines of Rs 38,348 crore, Rs 30,954 crore and Rs 32,843 crore, respectively. The key thing to note, however, is that these three have a long list of offerings beyond their electric portfolio. Also Read: Ather IPO: Here's what the e-scooter maker plans to do with the funds Ola, however, still held the biggest market share in the electric two-wheeler space three quarters into fiscal year 2025, despite ceding ground to peers. The Bhavish Aggarwal-led company had a 34.08% market share, followed by TVS Motor and Bajaj Auto at 19.44% and 18.11%, respectively. Ather Energy is second to last with 10.7% market share, while Hero MotoCorp managed the last space in the cohort with a 4.3% market share. 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 On the sales front, Ola Electric sold 3.08 lakh units in the first nine months of fiscal year 2025, compared to 1.08 lakh units sold by Ather Energy. Going into the IPO, Ather is now focussing on two new platforms, the EL scooter and Zenith motorcycle, Nuvama noted in a report following a meeting with the management. The company will focus on expanding its network more in the non-South regions; the southern region accounted for 61% of its sales in the nine months to December. Also Read: Promoters, early backers of Ather Energy eye strong gains through IPO Ather is also adding capacity with a new manufacturing facility at Chhatrapati Sambhajinagar in Maharashtra. The first phase of the upcoming facility will add 5 lakh units a year by March 2027. At its full potential, the plant will produce 10 lakh units. The company currently operates a facility in Hosur, Tamil Nadu, with an annual capacity of 4.2 lakh electric two-wheelers and 3.8 lakh battery packs. At the upper end of the price band, Ather Energy is looking to raise Rs 2,981 crore from the primary market at a valuation of Rs 11,960 crore. The offer includes fresh issue of shares worth Rs 2,626 crore, and an offer for sale worth Rs 355 crore by cofounders Tarun Mehta and Swapnil Jain and other shareholders, including Tiger Global, GIC , NIIF and IIT Madras. The initial public offering opens on April 28 and will continue till April 30. Ather Energy's shares are likely to be listed on May 6.
