Singapore's GIC gets CCI nod to acquire minority stake in Groww

Time of India

2 days ago

Fair trade regulator CCI on Tuesday cleared Singapore's sovereign wealth fund
GIC
's proposed acquisition of a 2.14 per cent stake in IPO-bound Billionbrains Garage Ventures, the parent company of investment tech unicorn Groww.
GIC, through its affiliate, Viggo Investment Pte (GIC Investor), is acquiring a stake in Groww.
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"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.
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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 USD 700 million and USD 1 billion, said industry sources familiar with the development.
According to reports, Groww was in discussions in March this year to raise nearly USD 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 USD 6.8 billion, more than double the USD 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 compared to Rs 458 crore for FY23, marking an increase of 17 per cent.
Its revenues surged to Rs 3,145 crore for the financial year that ended on March 31, 2024, higher by 119 per cent than Rs 1,435 crore in the preceding
fiscal year
.