In preparation for its IPO, which is anticipated to take place on the stock exchange by the end of this year or the beginning of next year, stock broking firm Groww is in talks to raise $200 million.
According to the Economic Times, which broke the story first, Groww has discussed the fundraise with both current investor Tiger Global and Singapore's government wealth fund GIC.
The Bengaluru-based business might be worth approximately $6.5 billion after the deal.
To date, Groww has raised about $400 million from well-known investors such as YC Continuity, Ribbit Capital, Tiger Global, and Peak XV. After raising $251 million in its Series E round in October 2021, the firm was last valued at about $3 billion. Since then, it has not raised any additional funds.
According to media sources earlier this year, Groww hopes to raise about $1 billion through the IPO, with a valuation target of $6 billion to $8 billion.
As of February, Groww had more than 13 million monthly active users, making it the top stockbroking company in India.
In FY24, Groww's operating revenue jumped to Rs. 3,145 crore. A one-time tax payment of Rs 1,340 crore for moving its headquarters to India was the main cause of the Lalit Keshre-led company's Rs 805 crore net loss in FY24.
