Groww Secures $200 Mn Funding Round At $7B Valuation Ahead Of IPO

IPO-bound wealthtech startup groww has closed a Series F funding round, raising $200 million at a valuation of $7 billion.

New investor GIC (Singapore) and existing backer ICONIQ Capital, also participated in this round.

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Last month, the Bengaluru-based company confidentially filed draft papers with SEBI, aiming to raise between $700 million and $1 billion through its upcoming IPO.

On June 6, Groww held an extraordinary meeting to approve the allotment of 1.8 crore Series F compulsorily convertible preference shares (CCPS) at ₹482.8 each to Singapore’s GIC (Viggo Investment Pte Ltd) and ICONIQ Capital-linked ISP VII-B Blocker GW. 

The conversion resulted in a 2.86% equity dilution. In its RoC filing, Groww stated that the funds would be used to grow its core business and that of its subsidiaries.

About Groww 

Founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is an online discount broking platform that enables users to invest in stocks, exchange-traded funds (ETFs), and initial public offerings (IPOs).

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Groww has expanded into digital lending, wealth management, and related services. It recently acquired wealth-tech startup Fisdom for $150 million in an all-cash deal, marking its entry into the wealth advisory space. This is Groww’s second major acquisition after buying Indiabulls AMC in 2023.

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