&w=3840&q=100)
CCI approves GIC's move to acquire 2.14% stake in Groww ahead of IPO
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
36 minutes ago
- Economic Times
Asian Paints shares in focus after CCI orders probe over alleged abuse of dominant position
Asian Paints faces a CCI investigation following a complaint from Grasim Industries, alleging abuse of its dominant market position through unfair dealer incentives and hindering competitor entry. Grasim accuses Asian Paints of coercing dealers, landlords, and transporters to limit engagement with Birla Opus. Despite holding a significant market share, Asian Paints has seen some erosion after Birla Opus's entry. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Shares of Asian Paints will be in focus on Wednesday after the Competition Commission of India (CCI) ordered an investigation into the company following a complaint by Aditya Birla Group's Grasim Industries , alleging abuse of dominant market position."The Commission directs the Director General ('DG') to cause an investigation to be made into the matter and submit an investigation report within a period of 90 days of the receipt of the present order. At this prima facie stage, the Commission, in light of the material available on record, finds no reason to hear the OP before passing the present order," said the order clarified that observations made were not a final view on the case merits and directed the DG to conduct the probe without being swayed in any manner whatsoever by the observations made to the order of CCI, Asian Paints said that it is currently reviewing the order and will take appropriate legal recourse. "The Company remains committed to fully cooperating with the CCI during the course of the investigation. You are requested to take the above information on record," said the company through stock exchange has alleged that Asian Paints was abusing its dominant market position by offering discounts and incentives such as foreign travel to dealers in exchange for exclusivity. Asian Paints also increased sales targets for dealers who dealt with Birla products, Birla's company alleged. The firm also accused Asian Paints of "coercing" landlords and transporters to refrain from engaging with Birla's CCI's initial review shows Asian Paints has been "imposing unfair conditions upon them (dealers), which is found to be in the nature of exploitative conduct," the watchdog to the order, Asian Paints restraining suppliers of essential raw materials from providing goods and services to the competitors like Grasim, as well as by coercing landlords, C&F agents and transporters to refrain from engaging with competitors like Grasim, Asian Paints seems to be prima facie creating barriers to new entrants in the market as well as partially foreclosing competition in the market, it the conduct of Asian Paints seems to be prima facie causing an appreciable adverse effect on competition in India, the regulator India's Rs 80,000 crore to 90,000 crore paint market, Asian Paints remains country's largest paint manufacturer and holds 53% of the country's installed paint production capacity. It has a vast distribution network of over 74,000 dealers across 1.6 lakh touchpoints. However, the giant has lost some of its dominance after Birla Opus launched in February 2024 and grew rapidly to garner a near 7% market share by March this year, Elara Capital data September 2022, CCI dismissed a complaint filed by JSW Paints alleging unfair business practices against Asian Paints with regard to the latter misusing its dominant position and further denying access to the market. JSW Paints had alleged that after they launched their decorative paints segment, Asian Paints began to pressurise and target the dealers who had agreed to stock and display their decorative paints manufactured by the company.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
an hour ago
- Economic Times
Suntech Infra Solutions shares to list today. GMP hints at strong listing pop
Delhi's Suntech Infra Solutions is set for a strong NSE SME debut on July 2, with a GMP of Rs 41 over its Rs 86 issue price, signaling a potential 48% listing gain. Suntech Infra Solutions, a Delhi-based construction and equipment rental company, is set to list on the NSE SME platform on July 2, with expectations of a strong listing gain. The IPO saw healthy demand, driven by its position in the B2B infrastructure construction segment and robust financials. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Delhi-based construction and equipment rental player Suntech Infra Solutions is set to list on the NSE SME platform on July 2 with a GMP of Rs 41 over the issue price of Rs 86. This suggests a strong potential listing gain of nearly 48% for investors who received allotments in the Rs 44.39 crore IPO, which closed on June 27, saw a healthy response from institutional and non-institutional investors, anchored by its position in the B2B infrastructure construction segment and solid financials. The public issue comprised a fresh issue of 39.74 lakh shares and an offer for sale of 11.87 lakh Infra operates across core infrastructure verticals — including power, oil and gas, steel, cement, and renewable energy — and has ongoing projects worth Rs 186 crore as of July also boasts an equipment rental order book worth nearly Rs 10.9 crore, highlighting its integrated civil construction FY24, the company clocked Rs 96.25 crore in revenue, with a net profit of Rs 9.25 crore, up 61% from the previous IPO proceeds will be used to fund working capital and purchase new construction equipment to support project a strong order book, proven project delivery record, and expanding demand from both government and private infra sectors, Suntech Infra's debut is expected to mirror the optimism in the SME IPO market, even amid broader market the pre-listing enthusiasm and reasonable valuation, the company may find strong support on the bourses, and investors are keenly watching for a premium listing and sustainable performance in the days ahead.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Hans India
an hour ago
- Hans India
Union Cabinet okays Rs 1L-crore job-linked incentive scheme
New Delhi: The Union Cabinet on Tuesday approved an employment-linked incentive (ELI) scheme with an outlay of nearly ₹1 lakh crore to generate over 3.5 crore jobs in the next two years. "You saw in the last Budget that the Finance Minister announced a clear package for an employment-linked scheme. Since then, a lot of good work has been done, and we came up with a comprehensive plan. This is an Employment-Linked Incentive (ELI) scheme, with a focus on the manufacturing sector," Union Minister Ashwini Vaishnaw said at a Cabinet briefing. Under the scheme, first-time employees will get an incentive equivalent to one month's wage up to ₹15,000 in two instalments. The first instalment will be paid after six months of service, and the second after 12 months, along with completion of a financial literacy programme, the government said in a statement. 'To encourage the habit of saving, a portion of the incentive will be kept in a savings instrument of deposit account for a fixed period and can be withdrawn by the employee at a later date,' the statement said. The ELI scheme, announced in the Union Budget 2024-25 as part of a package for employment and skilling opportunities for 4.1 crore youth, has an outlay of Rs 99,446 crore. The benefits will apply to jobs created between August 1, 2025 and July 31, 2027. Two-part scheme Part A targets first-time employees registered with EPFO and is expected to benefit 1.92 crore workers entering the workforce, while Part B will incentivise employers for creating additional jobs, with benefits of up to Rs 3,000 per employee per month for two years. For the manufacturing sector, the incentives will be extended for another two years. Employers hiring additional workers with salaries up to Rs 1 lakh per month will be eligible. Those with less than 50 employees will have to hire at least two more workers, while establishments with 50 or more employees will need to hire at least five more to avail the benefit. The government said Part B is expected to incentivise the creation of nearly 2.6 crore additional jobs. Payments to the first-time employees will be made through DBT using Aadhaar-based systems, while employers will receive the incentive in their PAN-linked accounts.
