Investment Platform Groww Gears Up for Public Listing with Significant Funding

Investment platform Groww is on the verge of raising approximately $250 million in a pre-IPO funding round, spearheaded by Singapore's sovereign wealth fund GIC. This latest investment values the Bengaluru-based company at an impressive $6.8 billion, more than doubling its previous valuation.

Investor Confidence Peaks as Groww Prepares for IPO

The funding round highlights growing investor confidence in Groww as it prepares for its public listing. With plans to go public by December this year, the company is targeting a valuation between $6 billion and $8 billion. The IPO is expected to raise $600-800 million, equally split between new shares and offers for sale by existing shareholders.

Groww's Rapid Expansion and Strategic Investments

Since its inception in 2016 by former Flipkart executives, Groww has rapidly expanded its services, including stock trading and mutual fund investments, positioning itself as a leader in India's online investing space. The company's revenue for FY24 surged by 119% to Rs 3,145 crore, up from Rs 1,435 crore the previous year.

Global and Local Investors Show Strong Support

GIC's involvement underscores its continued interest in India's fintech sector, having previously invested in high-growth startups like Flipkart, Delhivery, Swiggy, Razorpay, and Cred. Other notable investors in Groww's latest funding round include Tiger Global Management, among others.