Key Highlights
- Groww closes $200 million funding round led by GIC and ICONIQ, securing a $7 billion valuation.
- The fresh ₹1,735 crore Series F fundraise grants each investor about 1.4% stake in Groww.
Billionbrains Garage Ventures Limited, Groww's parent company, is raising Rs 1,735 crore (about $200 million) in a new round led by Singapore-based GIC and existing investor ICONIQ Capital.
The development comes just days after the company submitted a confidential DRHP to the Securities and Exchange Board of India (SEBI). Groww plans to raise $700 million to $1 billion through an IPO.
Groww's board has passed a special resolution to issue 3.59 crore preference shares at an issue price of Rs 482.8 each to raise the aforementioned amount, according to its filing with the Registrar of Companies.
The Government of Singapore Investment Corporation (GIC), through its affiliate Viggo Investment, will invest Rs 867.5 crore ($100 million), while Iconiq Capital will contribute a similar amount through its entity ISP VII-B Blocker GW.
Also Read: Groww to Increase Brokerage, DP, and MTF Charges Starting June 21
According to the filing, the company plans to use the proceeds to expand its existing business and subsidiaries. Following the new proceeds, both ISP Blocker and Viggo Investment will own 1.43% each.
According to estimates, Groww will be valued at $7 billion post-money.
Groww has raised nearly $600 million so far from investors such as Peak XV, Tiger Global, Ribbit Capital, and YC Continuity. The company was last valued around $3 billion after raising $251 million in its Series E round in October 2021.
In FY25, Groww reported a 31% increase in revenue to Rs 4,056 crore, while profit tripled to Rs 1819 crore, according to an internal company document. In FY 24, Groww reported Rs 3,145 crore in revenue and Rs 545 crore in operating profit. Nevertheless, it incurred a net loss of Rs 805 crore in FY24 after paying a one-time tax of Rs 1,340 crore to relocate its headquarters to India. The audited financial results for the fiscal year ending March 2025 have yet to be reported to the RoC.
