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Time of India
a day ago
- Business
- Time of India
Singapore's GIC gets CCI nod to acquire minority stake in Groww
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nhà tiền chế 2025: Lựa chọn nhà ở giá cả phải chăng (Xem ngay) Nomad's Notebook Undo "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. Live Events 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 .
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Business Standard
a day ago
- Business
- Business Standard
CCI approves GIC's move to acquire 2.14% stake in Groww ahead of IPO
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. "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.
Time of India
5 days ago
- Business
- Time of India
Wakefit joins IPO queue; Pine Labs DRHP, decoded
Next Wakefit joins IPO queue; Pine Labs DRHP, decoded Want this newsletter delivered to your inbox? Also in the letter: Wakefit files for IPO to raise Rs 468 crore Catch up quick: Peak XV Partners: 25 million shares 25 million shares Verlinvest: 10.2 million shares 10.2 million shares Investcorp: 6.1 million shares 6.1 million shares Paramark Ventures: 3.1 million shares Also Read: Use of proceeds: Rs 227 crore has been earmarked to open 118 new retail outlets and upgrade existing ones. Rs 108 crore will go towards marketing and brand building. By the numbers: Revenue for the first nine months of FY25 stood at Rs 971 crore, with a net loss of Rs 8.8 crore. FY24 revenue came in at Rs 986 crore, with a net loss of Rs 15 crore. As of December 2024, the company had 98 offline stores across India. The backstory: Decoding Pine Labs' Rs 2,600 crore IPO play Who's selling? Harsh Jain (Dream11) Sriharsha Majety (Swiggy) Girish Mathrubootham (Freshworks) Gaurav Munjal (Unacademy) Alok Mittal (Indifi) Built by M&A: Qwikcilver (2019): Entered gift cards. Entered gift cards. Mosambee (2022): Tapped into SME merchants. Tapped into SME merchants. Fave (2020-21): Forayed into Southeast Asia and Indian UPI merchants. Forayed into Southeast Asia and Indian UPI merchants. It has also since expanded its gift card business to the US and Australia, while also entering online payments to take on Razorpay and Paytm. By the numbers: FY24 revenue: Rs 1,344 crore (vs Rs 933 crore in FY22). Rs 1,344 crore (vs Rs 933 crore in FY22). 9M FY25 profit: Rs 26 crore. Rs 26 crore. 9M FY24 net loss: Rs 151.6 crore. Rs 151.6 crore. Expenses: Up from Rs 1,402 crore (FY23) to Rs 1,622 crore (FY24). Future bets: Mid-market and UPI-first small merchants. International push across Southeast and West Asia. Inorganic growth while staying acquisitive. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: AI at work: Job cuts and tech leader opinions CEOs' speak: Huang cautioned, 'You are not going to lose your job to AI, but you are going to lose your job to somebody who uses AI.' Amodei went further, predicting that nearly half of all entry-level white-collar roles could soon vanish. Zoho's Sridhar Vembu called it a 'sobering' reality, warning that the coming productivity boom in software could wipe out many developer jobs. Info Edge CEO Hitesh Oberoi offered a gentler take, urging workers to reskill and adapt as the nature of work evolves with AI at the heart of it. Yes, but: SoftBank goes all in on artificial super intelligence What he said: The vision: Acquired US chip design firm Ampere for $6.5 billion. Committed up to $40 billion to OpenAI, with $32 billion already invested. Son expects OpenAI to go public and declared, 'I'm all in on OpenAI.' Also Read: Why it matters: Also Read: Ex-OpenAI researcher confirms move to Meta, denies $100 million payout Driving the news: Beyer, alongside Alexander Kolesnikov and Xiaohua Zhai from OpenAI's Zurich office, was reportedly lured by Meta to join Mark Zuckerberg's newly formed 'superintelligence' team, according to The Wall Street Journal. OpenAI chief Sam Altman took a swipe at Meta's hiring tactics, claiming the company was using bloated pay packages to compensate for its supposed lack of innovation. Yes, but: Tell me more: Mattress and home furniture brand Wakefit is heading to the bourses. This and more in today's ETtech Top 5.■ How AI will reshape jobs■ SoftBank's ASI ambitions■ Meta CTO slams Sam Altman(L-R) Ankit Garg and Chaitanya Ramalingegowda, founders, WakefitBengaluru-based Wakefit has filed its draft red herring prospectus (DRHP) with Sebi, looking to raise Rs 468 crore through a fresh issue. The mattress and home furniture brand plans to use the funds to ramp up offline expansion and double down on IPO also includes an offer-for-sale (OFS) of 58.4 million shares by existing Elevation Capital has chosen not to participate in the in 2016 as a direct-to-consumer mattress startup, Wakefit has since grown into a broader home furniture player. It now competes with legacy brands like Sheela Foram (which owns Sleepwell and Kurl-On) as well as new-age rivals such as The Sleep Company and this move, Wakefit joins a growing list of startups headed to the public markets, alongside names like Groww Urban Company , and Meesho Amrish Rau, CEO, Pine LabsNoida-based merchant payments platform Pine Labs filed its draft red herring prospectus (DRHP) with Sebi, setting the stage to raise Rs 2,600 crore through fresh issue and offer for sale (OFS) of up to 147.8 million shares. The company is eyeing a valuation of $4-5 billion , per sources cited by ET on June XV Partners, once the dominant shareholder with nearly 90%, now holds around 20%. Other major backers exiting or paring stakes include Mastercard, PayPal, and Temasek. The cap table also includes well-known founders:From its origins as a point of sale (PoS) solutions provider for large retailers, Pine Labs has pivoted into a full-stack fintech platform, fueled largely by DRHP outlines a push into product development, payments infrastructure, and credit offerings. Pine Labs intends to double down on:It also wants to deepen credit-at-checkout and digitise bank-led merchant Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship April, the United Nations Conference on Trade and Development (UNCTAD) sounded the alarm: artificial intelligence could affect up to 40% of jobs globally . Several other reports echo this looming shift in the world of work Global tech leaders aren't mincing words either. Former Google CEO Eric Schmidt , Nvidia CEO Jensen Huang, and Anthropic CEO Dario Amodei have all weighed tech voices are equally candid:Not everyone's charging ahead just yet. Klarna CEO Sebastian Siemiatkowski said the firm scaled back AI in customer support after it hurt service Son, CEO, SoftBankSoftBank CEO Masayoshi Son has laid out an audacious plan to make the group the world's leading platform for artificial super intelligence (ASI) within the next decade.'We want to become the organiser of the industry in the artificial super intelligence era,' Son told shareholders, comparing his vision to the platform dominance of Microsoft, Amazon, and Google, which have all benefitted from 'winner takes all' defines ASI as intelligence that outperforms humans by a factor of 10, it up with capital:After misfires like WeWork , SoftBank is returning to high-stakes tech investing, this time placing AI and chip infrastructure at the heart of its battle for high-level AI talent is heating up. Lucas Beyer, one of three senior researchers who recently left OpenAI for Meta, has confirmed his move to the social media giant, but pushed back on reports that the trio received a $100 million signing bonus Meta's chief technology officer Andrew 'Boz' Bosworth hit back at an internal meeting on Thursday, telling staff that Altman's comments were inaccurate, The Verge reported. 'Sam is known to exaggerate,' Boz said, adding, 'And in this case, I know why he's doing it, which is because we are succeeding at getting talent from OpenAI.'Meta's AI ambitions have shifted to high gear in recent months. The company is pouring money into its efforts, including investing $14.3 billion into Scale AI for a 49% stake in the AI startup. It has also brought onboard Scale's 28-year-old founder Alexandr Wang to strengthen this aggressive push.
Time of India
6 days ago
- Business
- Time of India
Decoding Pine Labs' DRHP: Fintech aims to raise Rs 2,600 crore via an IPO
Academy Empower your mind, elevate your skills Invest in payments infrastructure (which can help in cross-selling products), offer credit solutions at checkout, and build customer loyalty. The company wants to target midmarket and smaller merchants for future growth opportunities. With its UPI-first merchant payments platform Pine Labs also wants to get into the micro-merchant ecosystem, a sector dominated by QR code companies such as BharatPe and PhonePe. Another area of focus for Pine Labs will be international expansion, especially in Southeast Asia and West Asia. The company is focusing on global expansion to target fatter margins in those geographies and harness advantages of scale to boost the margins of the overall business. Having expanded a large part of the tech-first business through the acquisition route, Pine Labs wants to continue with this strategy and tap inorganic growth opportunities wherever possible. Merchant payments, both in-store and online Fintech infrastructure plays to help other financial services players build fintech products through APIs. Credit solutions at checkout points, which can help merchants increase their customer loyalty and engagement with brands. Pine Labs gets a fee for processing transactions for these merchants or brands. 4. Pine Labs wants to double down on its platform for issuing prepaid instruments such as gift cards and also for acquiring merchants for banks, helping them with digital payment solutions. Noida-headquartered merchant payments company Pine Labs has filed its draft red herring prospectus (DRHP) with stock market regulator Sebi. The company plans to raise Rs 2,600 crore through a fresh issue and an offer for sale (OFS) of up to 147.8 million by global investors such as Peak XV Partners (formerly Sequoia India ), Mastercard, PayPal and Temasek, Pine Labs is seeking a valuation of around $4-5 billion through this public issue, according to people in the payments company was primarily owned by Peak XV Partners until 2018 and has attracted global investors to its cap table over the last six years. The company raised more than a billion dollars in venture funding and Peak reduced its shareholding to around 20% from around 90% six-seven years back. In 2022, Pine Labs achieved a valuation of $5 the global institutional investors, Pine Labs also counts multiple founders in the Indian startup ecosystem among its individual investors. Dream11 founder Harsh Jain, Indifi cofounder Alok Mittal, Swiggy cofounder Sriharsha Majety, Freshworks founder Girish Mathrubootham, and Unacademy's Gaurav Munjal have been mentioned as shareholders in the Sebi approval comes and the book building process is completed, Pine Labs will become the third venture-funded payments company to list on the Indian stock exchanges. Paytm and Mobikwik are the two other listed payment looks at the major aspects of the draft prospectus filed by Pine Labs was initially built as a point of sale (PoS) company to service retailers. But over the last five years, the company has transformed into a larger fintech firm, in part by taking the inorganic 2019, Pine Labs entered the gift card space by acquiring Accel-backed Qwikcilver Currently, Pine Labs has taken the gift card solution to new geographies, including the US and acquiring PoS company Mosambee , Pine Labs, which was a major player in the organised retail segment, marked its entry into the small and medium enterprise segment, digitising payments among longtail merchants as acquiring Southeast Asian fintech platform Fave , Pine Labs managed to set foot in that market. The acquisition also allowed Pine Labs to build a consumer-facing presence in India, offering Unified Payments Interface ( UPI ) payments and a bid to compete with the omnichannel business bets of Razorpay and Paytm, Pine Labs also entered the online payments business By diversifying its business bets, Pine Labs ensured that it had an entire bouquet of offerings for its clients with a diversified revenue Labs serves 915,731 merchants, 666 consumer brands and enterprises, and 164 financial institutions across India and overseas, according to details shared in its prospectus. This makes it one of the largest merchant payment processors in the had remained elusive for years, but in the last financial year, Pine Labs crossed the Rs 100 crore monthly revenue run rate and turned profitable in the first nine months of the year (Q4 and full-year results have not been given in the DRHP). It reported a net profit of Rs 26 crore on an operating revenue of Rs 1,208 comparison, Paytm, which has a large consumer facing business along with a merchant payments arm, reported Rs 6,900 crore in revenue in FY25. CCAvenue, another predominantly online merchant payments firm, reported total revenue of Rs 3,276 crore in FY25 and a net profit of Rs 160 Labs has increased its revenue 44% in three years, from Rs 933 crore in FY22 to Rs 1,344 crore in FY24. Last year it had reported a net loss of Rs 187 Labs will invest in product building in a bid to remain competitive, according to the prospectus. It has set out the following targets for business veterans who have tracked Pine Labs for years pointed out that the company has transformed itself to stay competitive in the era of fintech disruptors. However, the transformation resulted in its expenses shooting up to Rs 1,877 crore in FY23; this was brought down to Rs 1,622 crore in with zero-MDR payment instrument UPI displacing debit cards as a major merchant payment mode, processors such as Pine Labs have missed out on a major revenue generation Labs has structured its business across four major company visualises itself as being at the intersection of payments, brands, merchants, and credit and financial services players like the last few years, with UPI becoming the default payment mode for Indian consumers at merchant outlets, generating revenue from core payments has become a challenge for every payment processor. By betting on new revenue lines through value-added services and credit products, companies such as Pine Labs are hoping to widen their business margins.
Economic Times
19-06-2025
- Business
- Economic Times
China's rare earth curbs hit India; Groww eyes bonds
China's rare earth export controls are concerning Indian electronic manufacturers. This and more in today's ETtech Top 5. Also in the letter: ■ IT stocks tank■ Explained: Sebi's new Esop norms■ Microsoft vs OpenAI Alarms ring at speaker, wearables, TV makers on Chinese rare earth squeeze China's curbs on rare earth exports have set off alarm bells across the electronics industry, with speaker, wearable, and television manufacturers warning of looming shortages of permanent magnets. Production could grind to a halt unless supplies resume, industry executives and associations said. Driving the news: Of the seven rare earth metals now under export curbs, terbium and dysprosium are essential for making neodymium-iron-boron (NdFeB) magnets. These magnets are widely used in high-performance, portable and compact audio products. They typically account for 5–7% of the bill of materials, and Indian electronics makers remain almost entirely dependent on Chinese imports, according to a white paper by the Electronics Industries Association of India (ELCINA). Current state: China is holding back shipments of these magnets and related products at its ports, demanding end-use declarations before allowing export. This has disrupted operations at speaker assembly units in India and caused delays in deliveries to local TV and audio brands, according to ELCINA. To navigate the bottleneck, speaker manufacturers and importers have sought government help to secure end-use certificates, which Chinese exporters now require to obtain export licences, backed by full traceability documentation. Tell me more: Alternative sourcing from Japan, Vietnam, or even recycled magnets within India comes at a steep cost. ELCINA's price analysis shows these options nearly double input costs, with supply remaining patchy and unreliable. Also Read: G-7 eyes rare earth action plan as China's magnet control raises alarm Groww looks to offer trading in corporate bonds, to apply for Sebi licence (L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, founders, Groww Online stockbroker Groww is planning to expand its mobile app to include trading in corporate bonds. Driving the news: The Bengaluru-based firm plans to apply for an Online Bond Platform Provider (OBPP) licence, sources told us. While it already facilitates the primary sale of newly listed corporate bonds, it aims to offer secondary trading once it secures regulatory approval. Significance: The OBPP licence will allow Groww to compete with platforms such as Wint Wealth and Grip Invest. It also positions the company to tap into India's underpenetrated bond distribution market, where retail participation has been steadily growing. That said, recent concerns around issuers like BluSmart have shaken confidence in the space. Expansion bid: With an initial public offering (IPO) on the horizon, Groww is steadily diversifying beyond stockbroking. It recently entered the credit space after receiving a non-banking finance company (NBFC) licence from the Reserve Bank of India (RBI). The firm has expanded into wealth management with its acquisition of Fisdom and began offering margin trade funding to investors last year. Background: In May, Groww confidentially filed its draft red herring prospectus with Sebi, aiming to raise between $700 million and $1 billion. The company recently raised $250 million in a funding round led by GIC, which valued it at $6.5 billion. For FY25, it reported total revenue of Rs 4,056 crore and a net profit of Rs 1,819 crore. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. IT stocks slip up to 3.5% after Fed holds rates, flags persistent inflation Indian IT stocks slipped in Thursday's trade after the US Federal Reserve kept interest rates unchanged, with LTIMindtree and Tech Mahindra leading the losses. What happened: The Fed held its benchmark rate steady at 4.25% to 4.5%, citing ongoing inflation concerns and a cautious economic outlook. This marks the sixth consecutive meeting without a rate change. However, the latest 'dot plot'— a chart that reflects individual policymakers' forecasts—shows policymakers still expect two cuts in 2025. Big losers: Here's how major IT firms reacted: LTIMindtree: Dropped 3.5% intraday, closed 1.6% lower. Tech Mahindra: Fell nearly 3%, closed down about 2%. The Nifty IT index slipped 1.4%. Infosys also slipped, closing down about 0.1%. Mid-sized firms, including Persistent Systems, Coforge, and Mphasis, declined between 1% and 2.6%. Why this matters: The Fed's cautious stance raises uncertainty around US growth and inflation. For Indian IT firms, which derive significant revenue from US clients, this could dampen client spending and contract pipelines. Explained: Sebi's new Esop norms for IPO-bound startup founders, reverse-flipping The Securities and Exchange Board of India (Sebi) has approved several measures to ease doing business, including a long-awaited change for startup founders. What's the news: The market regulator will allow startup founders to retain their employee stock options (Esops) even after their companies go public. Old rules: Founders were classified as 'promoters' at the time of initial public offering (IPO) filings, which barred them from holding or being granted Esops. If they held any, they had to liquidate them. Founders were classified as 'promoters' at the time of initial public offering (IPO) filings, which barred them from holding or being granted Esops. If they held any, they had to liquidate them. New norms: Founders who received Esops at least one year before filing the draft red herring prospectus (DRHP) can now retain them post-listing. Founders who received Esops at least one year before filing the draft red herring prospectus (DRHP) can now retain them post-listing. Flipback: Sebi will now also permit equity shares resulting from the conversion of Compulsorily Convertible Securities (CCS) to be included in an Offer for Sale (OFS), facilitating capital raising through public issues. About time: Sebi has recognised past regulatory grey areas. Founders have long argued that the rules were unfair, often forcing them to exit early and miss out on long-term value creation. Microsoft prepared to abandon high-stakes talks with OpenAI OpenAI CEO Sam Altman with Microsoft CEO Satya Nadella Microsoft is prepared to step back from 'high-stakes' talks with OpenAI over the future of their alliance, the Financial Times reported on Wednesday. Driving the news: The tech giant is reportedly considering pausing negotiations if the parties cannot reach an agreement on key issues, including the size of Microsoft's future stake in OpenAI. For now, Microsoft plans to lean on its existing commercial deal, which gives it access to OpenAI's technology through 2030, the FT report added. Meanwhile: OpenAI executives have discussed accusing Microsoft of anticompetitive behaviour, the Wall Street Journal reported on Monday. The two companies are also renegotiating the terms of Microsoft's investment, including its future equity position in the AI firm. Also Read: Microsoft planning thousands more job cuts aimed at salespeople Updated On Jun 19, 2025, 07:25 PM IST
