Singapore's GIC seeks CCI nod to acquire 2% stake in Groww
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
44 minutes ago
- Time of India
IT emerges as highest-paying sector in India
The IT and IT-enabled services (ITeS) sector remains at the top of the salary charts across all experience levels, according to global job search and hiring platform Indeed's PayMap survey. Freshers in tech roles are earning up to Rs 28,600 a month, while those with five to seven years of experience are taking home around Rs 68, report noted that this upward trend is largely fuelled by the high demand for digital and AI-driven tech, manufacturing and telecom are the other two sectors showing strong salary growth. Entry-level salaries in these sectors hover between Rs 28,100 and Rs 28,300, while professionals with five to eight years of experience earn between Rs 67,700 and Rs 68, job types, entry-level roles, ranging from software development to HR engineering, typically offer monthly salaries between Rs 25,000 and Rs 30, and project management roles lead the pack in terms of pay across industries, with professionals in the 5-8 years experience bracket earning up to Rs 85,500 per UI/UX design roles are now matching traditional tech roles such as software development, with senior professionals earning up to Rs 65,000 a findings are based on responses from 1,311 employers and 2,531 employees, and aim to shed light on evolving salary benchmarks, sectoral trends and worker sentiment in the post-pandemic report also highlights a shift in salary growth patterns across cities. Hyderabad, Chennai, and Ahmedabad have emerged as new hotspots for competitive pay, outpacing the more established job markets in India. These cities are seeing faster salary growth than the average salary increase of 15% across the country.'Salary dynamics are shifting, and employees are increasingly prioritising cities where compensation aligns with both cost of living and career potential,' said Sashi Kumar, head of sales at Indeed India. 'Our data shows that growth is no longer confined to just the biggest metros, opportunity is becoming more distributed.'However, while salaries are rising, many workers still feel financially squeezed. The survey found that 69% of employees believe their income isn't keeping up with the cost of living in their cities. This feeling is especially strong in high-cost metros Delhi (96%), Mumbai (95%), Pune (94%), and Bengaluru (93%).On the other hand, Chennai, Hyderabad, Ahmedabad, and Kolkata are seen as more affordable, offering a better balance between earnings and everyday expenses.
Hindustan Times
an hour ago
- Hindustan Times
The Soham Parekh saga is one of the history books: All you need to know about it
If you have opened the social media platform X today, chances are you were bombarded with a barrage of memes on Soham Parekh. Why has this Indian man gone viral? What does he have to do with Silicon Valley? Here is your lowdown on the Soham Parekh saga that has shocked San Francisco. Soham Parekh scandal: Who is the Indian techie who shocked Silicon Valley? (Representational image) Soham Parekh is an Indian software developer who has been accused of working for multiple American startups simultaneously. The controversy erupted when Suhail Doshi, co‑founder of Mixpanel and Playground AI, warned startups against hiring Parekh in a post shared on X. 'PSA: there's a guy named Soham Parekh (in India) who works at 3-4 startups at the same time. He's been preying on YC companies and more. Beware,' the US-based entrepreneur warned on July 2. What are the allegations against Soham Parekh? Parekh has fooled potentially dozens of American startups into hiring him. More than six tech CEOs have come forward to confirm that they hired Soham Parekh – several said he was laid off after it became apparent that he was moonlighting. (Also read: Indian techie Soham Parekh accused by at least 5 US CEOs of moonlighting: 'Holy sh*t, we hired this guy a week ago') Flo Crivello, founder and CEO of Lindy, said that he had hired Soham Parekh a week ago and said that he did 'incredibly well' in interviews. Antimetal CEO Matthew Parkhurst also confirmed that Soham Parekh had worked for them. He described Parekh as 'really smart' but said he was fired for working at multiple other companies. Timothy Wang, co-founder of Ponder AI, said that Parekh was fired this morning – he had joined the startup three days ago. Wang described the Indian techie was 'incredibly talented' with strong references to back him up. How did Soham Parekh manage to 'scam' so many startups? The techie managed to dupe several startups by not disclosing that he was also employed elsewhere. In short, he moonlighted with impunity. Suhail Doshi, who first raised the allegations, also claimed that Soham Parekh lied about his location. While working remotely from India, he duped startups into thinking he was located in the United States. 'He lies about his location. We thought we were hiring someone in the US. Even sent a laptop to a US address. Got it back! Allegedly it was sent to his 'sister',' Doshi wrote. Where has Soham Parekh worked? Playground AI founder Suhail Doshi shared pictures of Parekh's resumé on X. According to the resumé, Soham Parekh has worked at Alan AI, Synthesia, Union AI and Dynamo AI. The allegations since the scandal broke confirmed that he has also had stints at startups like Antimetal, Fleet AI, Mosaic, and Warp. What are his qualifications? According to his CV, Parekh holds a bachelor's degree from the University of Mumbai and a master's degree from Georgia Institute of Technology. He claims to have graduated from the Georgia Institute of Technology in May 2022 with an MS in Computer Science. However, it is not clear how many of these details are real and how many are fabricated. Has Parekh himself addressed the scandal? Soham Parekh has not addressed the fallout publicly. If he had a LinkedIn profile, it has been scrubbed. However, according to Doshi, Parekh reached out to him in private and asked for advice while wondering how he could 'improve' his 'situation'. 'Asking this as genuine advice since I do really love what I do, have I completely sabotaged my career? What can I do to improve my situation? I am also happy to come clean," Parekh apparently told Doshi.
Business Standard
an hour ago
- Business Standard
Volumes soar at DCM Shriram Ltd counter
DCM Shriram Ltd clocked volume of 44.55 lakh shares by 14:14 IST on NSE, a 32.96 times surge over two-week average daily volume of 1.35 lakh shares Aster DM Healthcare Ltd, FSN E-Commerce Ventures Ltd, Natco Pharma Ltd, Motilal Oswal Financial Services Ltd are among the other stocks to see a surge in volumes on NSE today, 03 July 2025. DCM Shriram Ltd clocked volume of 44.55 lakh shares by 14:14 IST on NSE, a 32.96 times surge over two-week average daily volume of 1.35 lakh shares. The stock gained 12.15% to Rs.1,388.30. Volumes stood at 76950 shares in the last session. Aster DM Healthcare Ltd recorded volume of 156.57 lakh shares by 14:14 IST on NSE, a 14.43 times surge over two-week average daily volume of 10.85 lakh shares. The stock gained 7.05% to Rs.635.05. Volumes stood at 7.9 lakh shares in the last session. FSN E-Commerce Ventures Ltd saw volume of 532.92 lakh shares by 14:14 IST on NSE, a 5.43 fold spurt over two-week average daily volume of 98.23 lakh shares. The stock dropped 3.92% to Rs.203.30. Volumes stood at 85.71 lakh shares in the last session. Natco Pharma Ltd witnessed volume of 47.38 lakh shares by 14:14 IST on NSE, a 5.4 times surge over two-week average daily volume of 8.77 lakh shares. The stock increased 5.32% to Rs.971.00. Volumes stood at 8.06 lakh shares in the last session. Motilal Oswal Financial Services Ltd notched up volume of 87.37 lakh shares by 14:14 IST on NSE, a 5.01 fold spurt over two-week average daily volume of 17.44 lakh shares. The stock rose 6.23% to Rs.909.15. Volumes stood at 10.25 lakh shares in the last session.
